To an abelian category A of homological dimension one satisfying certain fi
niteness conditions, one can associate an algebra, called the Hall algebra.
Kapranov studied this algebra when A is the category of coherent sheaves o
ver a smooth projective curve defined over a finite field, and observed ana
logies with quantum affine algebras. We recover here in an elementary way h
is results in the case when the curve is the projective line.