For a period of about four centuries the House of Han was the one to rule in China. It is believed that Han dynasty started ruling China in 206BC however some consider that the year 202BC is more accurate. Initially the name of the dynasty was Western Han and it ruled the territory of Ch'ang-an in Shansi Province. The ruling of the dynasty lasted until AD 25, being interrupted between AD 9 and 22 by the Wang Mang's Hsin dynasty.

It is almost sure that during the early rule of the Han Dynasty people used Pan Liang coinage as the main money in circulation. Many questions arise regarding the classification of these ancient Chinese coins. The information regarding the development of Chinese coins during the rule of the Han dynasty is provided by the historical Record of Han Wu-ti.

Before 187 BC, that is before the reign of Empress Kao, who headed in the period between 187 and 180 BC, the main currency in circulation was the Pan Liang of 12 shu. Together with this official currency another type of coins were in used, and that is the elm-leaves, which represented lightweight Pan Liang coins that were illegally cast.

In the period between 187 and 180 BC, when Empress Kao ruled the country, Pan Liang coins had their weight reduced down to 8 shu. A year later Emperor Hsiao Wen was the one to reduce the weight of the coins to 4 shu.

A new coinage, called "San-shu" was struck in 140, during the reign of Emperor Wu. The coins had a weight of 3 shu. Later, in 136 BC the Emperor decided to withdrew from circulation the San-shu and replace these Chinese coins with Pan Liang coins of 3 shu.

Wu-shu were completely new coins, weighting 5 shu, that replaced in 118 BC the Pan Liang.

Ancient records regarding the coinage have been dismissed by a number of specialists. This is because it was rather complicated to identify coins according to these records. However, some specialists consider that ancient records, if interpreted properly, can have a great significance in matching evidence to ancient Chinese coins of this time. It is worth mentioning that the person who wrote the records was not using first-hand information; it is most likely that the person used old official records. It is also important to note that the official standard of Chinese coins, called shu, was 0.65 grams, and the standard applied as denomination for Chinese coins was 0.5 grams for one shu.

This elm leaf Pan (reads Ban) Liang features the inscription "PAN LIANG" on its obverse, while the reverse is blank. Such ancient Chinese coins have different diameters, ranging from 12 to 18 mm. These coins have a very light weight and in addition they have a crude cast. Different sizes lead to different prices. In case of this type of Chinese coins, better prices are offered for coins that are smaller in size.

Coins with a diameter of 12 - 15 mm and 15 - 18 mm that were often crudely cast are likely to be counterfeits. It is believed that while Pan Liang coins were widely in circulation during the Han Dynasty rule, some mints illegally struck light-weight coins. Those Pan Liang coins that were lighter than the common coins featured a poorly made outer and in part. These Chinese coins weighted about 2 grams and had a diameter of about 24 mm. Presumably such coins were struck as a result of a coinage reform that took place in 136 BC.

Some coins featured a reverse legend that stated "LIANG PAN". Such coins were quite common, so they are not considered to be errors, but there is also a chance that coins with reverse inscription found today are fakes.