A nondestructive instrumental neutron activation analysis technique is applied for the analysis of precious ancient punchmark coins. Coins ranging between 8th century B.C. to 2nd century B.C. were irradiated with thermal neutrons in a252Cf neutron source facility and analyzed by comparator method of instrumental neutron activation analysis, using high purity germanium detector coupled to a multichannel analyzer, the activities being measured at photopeak energies of the corresponding radioisotopes. It is observed that punchmark coins are mainly of two types: copper or silver based. Other elements present in varying proportions are gold, arsenic and antimony.