Determinants of Returns on PRL Trial Coins in the Auction Market: An Analysis of Determinants with the Use of Hedonic Regression
Keywords:
PRL trial coins, alternative investments, auction market, investment returns, hedonic regressionAbstract
This article examines the determinants of long-run returns on Polish People’s Republic (PRL) trial coins traded in the auction market. The sample comprises 94 coins issued in 1964–1988 and transaction data from the Warsaw Numismatic Centre archive for 1998–2025. Initial and final prices were calculated as quarterly averages, while the empirical analysis combines Pearson and Spearman correlations, the Kruskal – Wallis test and OLS models with HC3 robust standard errors. The results show that, for silver coins, CAGR is positively related to pure metal content, whereas sports-themed issues generated lower returns. For base-metal coins, the first transaction year proved more important than physical characteristics, highlighting the role of market timing. The findings extend research on alternative investments in collectible assets.
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