Yarmaq: The Silver Coin Standard of the Golden Horde

Illustrated Specimen Details: Golden Horde Yarmaq

Example Specimen: Silver Yarmaq, 1308 (AH 707) — Khan Tokhta, Qrim Mint

Iconography & Origin: This silver yarmaq was minted in the year AH 707 (corresponding to 1308 in the Gregorian calendar) during the reign of Khan Tokhta (Toqta), the great-grandson of Batu Khan, within the Golden Horde (Ulus of Jochi). The coin features Khan Tokhta's personal tamga, a traditional family sign used by nomadic peoples of the Eurasian steppe to denote authority and property. The Arabic inscription on the legend reads "Khan Tokhta, coinage of Qrim" (referring to the mint at Solkhat, known today as Staryi Krym, Ukraine). The design is completed by an intricate symbolic knot.

1. GOLDEN HORDE (13th-14th centuries): yarmaq = 48 pūl

About the name: According to numismatic researchers, the term "yarmaq" translates as "exchangeable" or "cut". This name traces its roots back to the Khazar Khaganate, where half-sections of silver Arab dirhams, cut to obtain smaller monetary fractions, were called yarmaqs. In the context of the Golden Horde, the yarmaq represented a silver value equal to half a mithqal (a traditional unit of weight). Prior to the end of the 13th century, this type of currency was often documented under the Mongolian term "barikat" (meaning tax payments or treasury receipts), after which "yarmaq" became the standard designation.

The Yarmaq in the Golden Horde Monetary System

The yarmaq served as a fundamental silver-based denomination and high-value currency standard within the Ulus of Jochi during the 13th-14th centuries. It sat at the apex of a multi-tiered monetary system designed to facilitate both state administration and extensive international commerce.

Monetary Structure: Yarmaq and Pūl

In daily economic life, the silver yarmaq functioned alongside a copper fractional currency. The exchange rate was firmly established as 1 yarmaq equal to 48 pūl (or pul). This mathematical relationship reflects a duodecimal and sexagesimal-influenced accounting standard that was highly characteristic of Islamic and Mongol-period monetary practices across Eurasia.

While the tiny copper pūl was mass-produced for localized everyday market transactions, such as purchasing food and basic commodities, the silver yarmaq was effectively a high-value standard reserved for major transactions.

Economic Role and Administrative Function

The economy of the Golden Horde successfully merged nomadic steppe tribute systems with sophisticated Islamic urban trade networks along the Volga region, Crimea, and Khwarezm. Within this complex environment, the yarmaq fulfilled several key functions:

• Silver Accounting Unit — Acting as a stable base for major commercial transactions.
• Weight Standard — Providing a reliable precious metal benchmark for regional mints.
• Treasury Reference — Serving as the primary accounting metric for state taxation and official tribute collection records.

Key Point

The yarmaq illustrates the seamless integration of Mongol administrative traditions with Islamic monetary standards. For modern numismatists, these silver coins provide invaluable insights into the early multi-tier economic systems of Eurasia and the political history of the regional khans.