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The Monument was added to Civilization IV in the Warlords expansion so that the Obelisk could be Egypt's unique building. The Monument is replaced by the following unique buildings:
Monuments provide a small amount of culture, and are a good way to expand city borders early on.
A monument is a structure that reminds people of an important event that occurred in the area, or an important person - a famous general or leader, perhaps. Different cultures have constructed monuments out of varied materials - wood, stone, or even precious metals. Generally, the only ancient monuments remaining today are those made out of stone; over time the wooden monuments have decayed, and the ones constructed of precious metals have been looted and destroyed.