Liao dynasty coinage

[8] Numismatic and archeological research have proven inconclusive to date if any coinage was produced during the early days of the Liao dynasty.

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.

[8] 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.

[8] 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%.

[8] 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.

At the beginning of the 21st century, a large number of forged ancient Liao coins appeared in mainland China, many of which were does not exist in history.

[15] In February 2022, a coin with the inscription "Tiānxǐ yuánbǎo" (天喜元寶) was found at the Burana site in Kyrgyzstan, in the vicinity of the Qara Khitai capital of Balasagun.

[17][18][6] Some Liao dynasty era charms had no inscriptions at all, and are not well understood as the Khitan people may have interpreted certain symbols differently from the Chinese.

A more recent hypothesis proposes that the person riding the dragon is the Yellow Emperor returning to the heavens and that the people represent the Nine Provinces (九州).