A more thorough explanation:

Definition: Wampum is a type of currency that was used by Native Americans and early colonists in North America. It was made from shells, beads, or animal pelts.

For example, in 1637, the General Court of Massachusetts ordered that wampum should be used as a medium of exchange because England had not provided the colonies with a standard currency. Wampum was used for small transactions and was valued at 6 pieces for a penny for any sum under 12d. However, in 1652, the General Court ordered the first metallic currency, and wampum was no longer used as a currency.

This example illustrates how wampum was used as a form of currency in early North America. It was used because there was no standard currency, and it was valued based on the number of pieces rather than the value of the material.