本論文以探討中國機制銀幣之投資價值為主，主要的研究目的有:一.研究錢
幣經由鑑定評級與拍賣通路，是否讓現代錢幣收藏之交易成本透明。二.以錢幣拍
賣公司成交紀錄評估錢幣拍賣市場之發展趨勢。三.建立錢幣投資指數以評估投
資報酬率與操作法則。
研究方法係採用文獻分析法與次級資料分析法。文獻分析法係中國機制銀幣
之目錄文獻為基礎研究錢幣市場之既存問題，並研究錢幣鑑定評級制度與拍賣通
路是否有效解決此問題。次級資料分析法係收集錢幣拍賣公司成交資料，利用技
術分析其趨勢與投資組合，以創建錢幣投資指數。
研究結果顯示，中國機制銀幣有其金融商品之投資價值。且依本研究之錢幣
組合，應用於中國機制銀幣之投資，報酬率僅略低於股票投資市場但相去不遠。
若依本研究所建立之袁世凱指數，慎選操作區間，則其年投資報酬率將超越股票
市場年平均投資報酬率。

This thesis focuses on exploring the investment value of Chinese Empire silver
coins. The main research objectives are as follows: 1. Investigate whether coins have transparent transaction costs through certification and auction channels. 2. To evaluate the trend of the coin auction market based on the bid records. 3. Establish a coin investment index to evaluate the return rate and operating principles.
The research method adopts the “Literature Analysis” and the “Secondary Data
Analysis” method. The literature analysis method is based on the catalogue of
Chinese Empire silver coins to study the existing problems of the coin market, and
study whether the certified coins and the auction channel effectively solve those
problems. The secondary data analysis method collects bid records of coin auction
companies and analyze trends and investment portfolios to create coin investment
index.
The results showed that China Empire silver coins have the investment value.
According to the coin portfolios in this research, the return rate is only slightly lower than stock market but not far away. If followed Yuan Shi-Kai Index principle, its annual investment return rate will exceed the annual average investment return rate of the stock market.

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