Liao dynasty coinage
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
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 were 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
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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]
| Inscription | Traditional Chinese | Simplified Chinese | Years of minting | Emperor |
|---|---|---|---|---|
| Tian Xian Tong Bao | 天顯通寶 | 天显通宝 | 927–937 | Taizong |
| Qian Qiu Wan Sui | 千秋萬歲 | 千秋万岁 | 938 | Taizong |
| Hui Tong Tong Bao | 會同通寶 | 会同通宝 | 938–947 | Taizong |
| Tian Lu Tong Bao | 天祿通寶 | 天禄通宝 | 947–951 | Shizong |
| Ying Li Tong Bao | 應曆通寶 | 应历通宝 | 951–969 | Muzong |
| Bao Ning Tong Bao | 保寧通寶 | 保宁通宝 | 969–982 | Jingzong |
| Tong He Yuan Bao | 統和元寶 | 統和元宝 | 983–1011 | Shengzong |
| Chong Xi Tong Bao | 重熙通寶 | 重熙通宝 | 1032–1055 | Xingzong |
| Qing Ning Tong Bao | 清寧通寶 | 清宁通宝 | 1055–1064 | Daozong |
| Xian Yong Tong Bao | 咸雍通寶 | 咸雍通宝 | 1065–1074 | Daozong |
| Da Kang Tong Bao | 大康通寶 | 大康通宝 | 1074–1084 | Daozong |
| Da Kang Yuan Bao | 大康元寶 | 大康元宝 | 1074–1084 | Daozong |
| Da An Yuan Bao | 大安元寶 | 大安元宝 | 1085–1094 | Daozong |
| Shou Chang Yuan Bao | 壽昌元寶 | 寿昌元宝 | 1095–1101 | Daozong |
| Qian Tong Yuan Bao | 乾統元寶 | 乾统元宝 | 1101–1110 | Tianzuo |
| Tian Qing Yuan Bao | 天慶元寶 | 天庆元宝 | 1111–1120 | Tianzuo |
See also
- History of the Khitans
- History of Chinese currency
- Zhou dynasty coinage
- Ancient Chinese coinage
- Southern Song dynasty coinage
- Western Xia coinage
- Jin dynasty coinage (1115–1234)
- Yuan dynasty coinage
- Ming dynasty coinage
- Qing dynasty coinage
References
- ^ Ruins of Identity: Ethnogenesis in the Japanese Islands By Mark Hudson
- ^ "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.
- ^ Gao Han-ming "Jianming Guqian Cidian" ("Short Dictionary of Ancient Cash Coins"), in Chinese.
- ^ 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).
- ^ 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.
- ^ 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.
- ^ 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.
- ^ 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.
- ^ Charms.ru Coins of the Liao Dynasty (Ch'i-tan, Tartar) a.d.907-1125. Vladimir A. Belyaev (Moscow), Russia] Retrieved: 24 June 2017.
- ^ Pei Yuan-Bo The Liao Dynasty Coins Inscribed ‘Ten Thousand Years’. Published: 10 December 2016. Retrieved: 19 June 2017.
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. |