Yarmaq was name for Khazar Khaganate currency. The term for silver coin was ' (it might have direct connection to the term shekel. The currency was mentioned in the Tale of Bygone Years as tribute money for Vyatichi and other Khazar subjects . Shelegs were probably minted in Kabir (Moxel, client state of Khazar Kaghanate) since approximately 5th c AD. The term for the gold coin might be , as they were minted in the same place and called oka ()
The term meant since at least early Middle Ages, no other meanings had been attested.
Ar- or yar- evolved from the verb "to cut longitudinally, to split", Turkish verb is also co-originating with the Old Turkic word ñr- or yñr- which means the same. The name is similar to Mongolian language word "yaarmag" meaning "market," especially outdoor ones that sell wide variety of goods.