Factors affecting the perceived value of coins

Abstract Subjects were asked to judge the relative values or assign absolute values to coins similar to the proposed new UK 20p and £1 coins along with other metal blanks, prior to the announcement of the new coins. Preliminary studies indicated that while a ‘yellow’ (gold-coloured) coin would not normally be rated higher in value than the blank 5p coin, the addition of extra thickness and an elaborate edge enhanced its apparent relative value. It was also shown that seven-sided ‘white’ (silver-coloured) coins were rated as more valuable than 12-sided or circular coins of about the same diameter. The absolute values assigned to such coins followed a similar trend to the relative values. Seven-sided white coins were assigned higher values than 12-sided white coins, and thicker yellow coins were assigned higher value characteristics and colour were examined independently. For smooth circular, milled circular and seven-sided coins, ‘red’ (cooper-coloured) coins were perceived as least valuable, and white and yellow coins were equally often assigned to intermediate and high values. For red, white and yellow coins, smooth circular coins were rated least valuable and seven-sided coins as most valuable. It appears that people assign learned ‘rules’ about features indicating value in a systematic and independent manner.