Measure of exchange value
The Igorot has as clear a conception of the relative value of two things bartered as has the civilized man when he buys or sells for money. The value of all things, from a 5-cent block of Mayinit salt to a ₱70 carabao, is measured in palay. To-day, as formerly, every bargain between two Igorot is made on the basis of the palay value of the articles bought or sold. This is so even though the payment is in money.
Standard of value
The standard of value of the palay currency is the sĭn fĭng-e′—the Spanish “manojo,” or handful—a small bunch of palay tied up immediately below the fruit heads. It is about one foot long, half head and half straw. The value of such a standard is not entirely uniform, and yet there is a great uniformity in the size of the sĭn fĭng-e′, and all values are satisfactorily taken from it.
Palay currency
An elaborate palay currency has been evolved from the standard, of which the following are the denominations:
| Denomination | Number of handfuls |
| Sĭn fĭng-e′ | 1 |
| Sĭn i′-tĭng | 5 |
| Chu′-wa i′-tĭng | 10 |
| To-lo′ i′-tĭng | 15 |
| I′-pat i′-tĭng | 20 |
| Pu′-ak or gu′-tad | 25 |
| Sĭn fu tĕk′ | 50 |
| Sĭn fu-tĕk′ pu′-ak | 75 |
| Chu′-wa fu-tĕk′ | 100 |
| To-lo′ fu-tĕk′ | 150 |
| I′-pat fu-tĕk′ | 200 |
| Li-ma′ fu-tĕk′ | 250 |
| I-nĭm′ fu-tĕk′ | 300 |
| Pi-to′ fu-tĕk′ | 350 |
| Wa-lo′ fu-tĕk′ | 400 |
| Si-am′ fu-tĕk′ | 450 |
| Sĭm-po′-o fu-tĕk′ | 500 |
| Sĭn-o′-po | 1,000 |