Abstract

Indian antique coins have increasingly emerged as a recognized alternative investment avenue within India’s expanding cultural asset ecosystem. Unlike modern currency notes or bullion-based assets, antique coins derive their value from historical scarcity, preservation quality, and documented ownership lineage rather than intrinsic metal content alone. This study investigates how rarity, physical condition, and provenance collectively influence price formation in Indian numismatic markets. Drawing from auction data, collector interviews, and theoretical insights from cultural economics and information asymmetry theory, the paper proposes a multidimensional pricing framework. The findings suggest that rarity forms the structural foundation of value, condition acts as a price amplifier, and provenance functions as a trust-enhancing signal that significantly reduces market uncertainty. The research contributes to literature on alternative investments, heritage economics, and informal asset pricing in emerging markets.

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