Liao dynasty coinage

A Liao dynasty coin with its inscription written in Khitan script on display at the National Museum of Chinese Writing.

The Liao dynasty was an empire created by the Khitans that ruled over parts of Northern China, what is now Manchuria, and an area in present day Mongolia, North Korea, and the Russian Far East from 907 until 1125 when most of their territory conquered by the Jurchens who established the Jin dynasty. The Khitans fled westward and created the Western Liao dynasty which in turn was annexed by the Mongol Empire in 1218.[1]

Liao dynasty coins were based on the coins of the Song dynasty but generally tend to be of inferior quality, early Liao dynasty coins were only scarcely produced and it wasn't until the reign of Emperor Xingzong (1031–1055).[2]

Liao dynasty coins (like some contemporary Song dynasty coins) can be read top-right-bottom-left (clockwise), but unlike the Song’s coinage never appeared top-bottom-right-left. Liao dynasty era coins have appeared in both Chinese and Khitan scripts.[3][4] The coins in Khitan script do tend to have different character orders,[5] Though these coins weren’t meant for circulation.[6]

Liao coinage is extremely rare compared to Song dynasty coinage, while the Song dynasty produced millions of strings of wén annually, the Khitans never exceeded 500.

History

Early Khitan coinage

The majority of the coinage that were recovered are mentioned in records from the year 1021, prior to that year it’s unclear which currency was produced despite later Khitan records mentioning that Taizong promoted metallurgy and coin mintage. Numismatic and archeological research have proven inconclusive to date if any coinage was produced during the early days of the Liao dynasty.

Common hypotheses suggest that crude coinage was produced in the agricultural southern regions of the Liao dynasty (which were only annexed in 938), this however has been deemed improbable by Liao dynasty historians Karl August Wittfogel, and Fêng Chia-Shêng. The southern 16 prefectures continued the production of as well as exchanging older Chinese coins, while in the northern regions of the Liao dynasty barter and the usage of coth money still prevailed until the reign of Emperor Shengzong.

Move towards a money-based economy

A Qing Ning Tong Bao (清寧通寳) coin, a Liao dynasty coin with Chinese inscription.

By the end of the 10th century more copper mines had opened and an abundance of old coins were found which lead to the increase of coins in circulation, under Daozong the production of coinage had risen to 500 strings a year (or 500,000 cash coins). Many Song dynasty copper coins started entering the Liao dynasty, often as payments for salt and other Liao export products. Copper coin from the Song dynasty were exchanged with the Liao’s iron coins at the border region set up as a protective measure to prevent the more valuable copper Liao coinage from leaving the country.

By the beginning of the 12th century more Song coins circulated in the Liao dynasty than native coinage, this also applied to the northern regions where previously Chinese coinage had remained scarce, this was evident by the fact that the Dongjing circuit was able to collect 400,000,000 cash coins as part of its 10% tax programme (despite it suffering from lowered export due to the Liao’s anti-Balhae policies), proving that the influx of Song dynasty currency was more responsible for creating a money-based economy than the Liao government’s own efforts. Similarly the Zhongjing circuit once collected 200,000,000 within 6 months, while Xijing’s income remained insignificant. Nanjing (present day Beijing) was the wealthiest region having an annual income of 5,492,906,000 cash coins as reported in 1123 on a tax of 10%.

Though it’s more likely that these tax incomes were considerably smaller as these numbers were inflated due to the government collecting more tax for its military expenditures as its peace-time income was significantly lower. Another likelihood that these numbers are inflated is that barter still prevailed n the tribal region of the Liao (all circuits except for Nanjing), and during an economic crisis in Nanjing in 1118 payments were made in silk rather than in copper coins.

Monetary policy of the Liao dynasty

A Da An Yuan Bao (大安元寶) coin, Yuan Bao coins tend to be heavier than Tong Bao (通寶) coins.

For 2 centuries Liao dynasty coins hah weighed the same until the issue of the first Yuan Bao (元寶) coin series, the next 2 generations of coins were lighter which invited private production which the Liao government had outlawed. Lighter coinage became preferred during the Da An period as a measure against the outflow of currency to other countries, though under Tianzuo (the last emperor) the Liao started producing heavier coinage again but this didn't stop the inflation which was caused by the lack of commodities rather than a lack of quality in the coinage. Unlike the Chinese had during the Han and Tang dynasties, the Khitans never resorted to decrease the quality of their coins, as they didn't have any incitement for debasement. This was mostly because the majority of the wealth in the country belonged to the Imperial family, the Khitan nobility, and the Chinese Mandarins who would’ve suffered the most from inflation as there was no influential business class like those that threatened Chinese authorities.[7]

List of coins produced by the Liao dynasty

The coins produced by the Khitans were:[8][9][10]

InscriptionTraditional ChineseSimplified ChineseYears of mintingEmperorImage
Tian Xian Tong Bao天顯通寶天显通宝927–937Taizong
Qian Qiu Wan Sui千秋萬歲千秋万岁938Taizong
Hui Tong Tong Bao會同通寶会同通宝938–947Taizong
Tian Lu Tong Bao天祿通寶天禄通宝947–951Shizong
Ying Li Tong Bao應曆通寶应历通宝951–969Muzong
Bao Ning Tong Bao保寧通寶保宁通宝969–982Jingzong
Tong He Yuan Bao統和元寶統和元宝983–1011Shengzong
Chong Xi Tong Bao重熙通寶重熙通宝1032–1055Xingzong
Qing Ning Tong Bao清寧通寶清宁通宝1055–1064Daozong
Xian Yong Tong Bao咸雍通寶咸雍通宝1065–1074Daozong
Da Kang Tong Bao大康通寶大康通宝1074–1084Daozong
Da Kang Yuan Bao大康元寶大康元宝1074–1084Daozong
Da An Yuan Bao大安元寶大安元宝1085–1094Daozong
Shou Chang Yuan Bao壽昌元寶寿昌元宝1095–1101Daozong
Qian Tong Yuan Bao乾統元寶乾统元宝1101–1110Tianzuo
Tian Qing Yuan Bao天慶元寶天庆元宝1111–1120Tianzuo

Northern Liao dynasty

After the Jurchens started expelling the Khitans Emperor Tianzuo of Liao fled west while he appointed Yelü Chun as the governor of Nanjing, Yelü Chun then declared himself emperor, this state is referred to by historians as the Northern Liao dynasty, every Northern Liao emperor issued their own cash coins despite the state only existing for two years.[11][12][13][14][15]

Western Liao dynasty

A Great Liao Treasure Note of 10 guàn allegedly issued by the Qara Khitai Khanate.

Scholars from the Qing dynasty long attributed the cash coins Gantian Yuanbao (感天元寳) and Kangguo Tongbao (康國通寳) to have been issued by the Qara Khitai Khanate, this was repeated by scholars from both the Western world and China without question until later research discovered that this was a myth. The Qara Khitai Khanate is suspected to have produced round coins with Persian language inscriptions in Al-Ūzjand (modern day Uzgen, Kyrgyzstan), however the attribution of these coins remain ambiguous and is debated among numismatists. Despite for the fact that for a long time no cash coins could attributed to the Qara Khitai Khanate many modern counterfeiters in Mainland China produced fantasy "Western Liao dynasty cash coins" using the reign titles of Western Liao Khans.

Imitations of Kaiyuan Tongbao (開元通寳), Qianyuan Zhongbao (乾元重寳), and Zhouyuan Tongbao (周元通寶) cash coins from the Tang and Later Zhou dynasties, respectively, have been attributed to the Qara Khitai Khanate however the production of these was scarce. In November 2008 some rather unusual Chinese cash coins were unearthed at the Aq-Beshim site in Kyrgyzstan which lies near what used to be site of the ancient city of Suyab. Initially these cash coins were assumed to have the inscription "Jixing Yuanbao" (績興元寳), as the manufacturing method of these coins was rather crude and their calligraphy poor as well as the reign title Jixing being unknown in Chinese historiography scholars deduced that these cashin coins had to be produced locally. Initially it was assumed that these coins were in fact coin-like charms but in October 2010 another coin with this inscription was found at the Qara-Jigach site (ancient Tarsakent), the inscription of this coin was more readable which corrected the earlier assumptions and this series was confirmed to bear the inscription "Xuxing Yuanbao" (續興元寳), in February 2011 another Xuxing Yuanbao cash coin was unearthed in Kyrgyzstan at the site of what used to be the ancient city of Navekat (Nawikath) in modern day Krasnaya Rechka which confirmed that they were in fact monetary objects.[16]

A banknote with the title "Great Liao Treasure Note" with a denomination of 10 guàn is also attributed to this period. The treasure note depicts five silver sycees and contains a warning that counterfeiters will be decapitated and that anyone who exposes counterfeiters will be rewarded eight hundred taels of silver. However as these banknotes do not seem to be mentioned by any historical sources their authenticity has been called into question.[17]

See also

References

  1. ↑ Ruins of Identity: Ethnogenesis in the Japanese Islands By Mark Hudson
  2. ↑ "Chinese coins – 中國錢幣 (Liao Dynasty)". Gary Ashkenazy / גארי אשכנזי (Primaltrek – a journey through Chinese culture). 16 November 2016. Retrieved 17 June 2017.
  3. ↑ Gao Han-ming "Jianming Guqian Cidian" ("Short Dictionary of Ancient Cash Coins"), in Chinese.
  4. ↑ Wan Young-Jun, Li Guohui "New gold coin with Kidan inscription found", Inner Mongolia Ancient Financial Research Journal, 1992, issue No.1, p.46. (in Mandarin Chinese).
  5. ↑ Chinese Coinage Website (Charms.ru) The Liao Dynasty Cash Coin with Kidan Inscription. Vladimir A. Belyaev, Published: Last updated: 18 June 2002 Retrieved: 18 June 2017.
  6. ↑ Sun Jimin (孫繼民) (1994). "內蒙古剋什剋騰旗發現契丹大字金銀錢". Kaogu 考古 (2): 179. ISSN 0453-2899.
  7. ↑ Karl August Wittfogel, and Fêng Chia-Shêng History of the Chinese Society – Liao (907-1125). Transactions of the American Philosophical Society New series - volume 36 (1946) Capter: Section VI Currency and money-lending. Hosted by Charms.ru Published: March, 1949 Retrieved: 19 June 2017.
  8. ↑ Charms.ru Coincidences of Vietnam and China cash coins legends. Francis Ng, People's Republic of China, Thuan D. Luc, United States, and Vladimir A. Belyaev, Russia March–June, 1999 Retrieved: 17 June 2017.
  9. ↑ Charms.ru Coins of the Liao Dynasty (Ch'i-tan, Tartar) a.d.907-1125 by Vladimir A. Belyaev (Moscow), Russia Retrieved: 24 June 2017.
  10. ↑ Pei Yuan-Bo The Liao Dynasty Coins Inscribed ‘Ten Thousand Years’. Published: 10 December 2016. Retrieved: 19 June 2017.
  11. ↑ 北国盈泉 (7 December 2012). "北辽铸币（一）—— 建福元宝" (in Chinese). Sina Corp. Retrieved 7 September 2018.
  12. ↑ Baidu Baike - 德兴通宝。Retrieved: 07 September 2018. (in Mandarin Chinese written in Simplified Chinese characters)
  13. ↑ 北国盈泉 (9 December 2012). "北辽铸币（三）—— 德兴元宝折三型钱" (in Chinese). Sina Corp. Retrieved 7 September 2018.
  14. ↑ 北国盈泉 (10 December 2012). "北辽铸币（四）—— 神历通宝小平钱" (in Chinese). Sina Corp. Retrieved 7 September 2018.
  15. ↑ 北国盈泉 (9 December 2012). "北辽铸币（五）—— 神历元宝折三型钱" (in Chinese). Sina Corp. Retrieved 7 September 2018.
  16. ↑ "The coinage of Qara Khitay: a new evidence (on the reign title of the Western Liao Emperor Yelü Yilie)" (PDF). By Vladimir Belyaev, Vladimir Nastich, and Sergey Sidorovich. Retrieved 5 September 2018.
  17. ↑ John E. Sandrock (2018). "Ancient Chinese Cash Notes - The World's First Paper Money - Part 1" (PDF). The Currency Collector. Retrieved 5 September 2018.

Sources

  • Hartill, David (September 22, 2005). Cast Chinese Coins. Trafford, United Kingdom: Trafford Publishing. ISBN 978-1412054669.
Preceded by:
Ancient Chinese coinage
Reason: Khitan annexation of the Later Jin dynasty.		 Currency of Northern China
907 – 1125		 Succeeded by:
Jin dynasty coinage (1115–1234)
Reason: Jurchen and Song conquest of the Liao dynasty.
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