It's actually more equivalent to a stock reverse-split than locked up shares. When coins are lost, they stop circulating; that amount - of active, unique coins

It's actually more equivalent to a stock reverse-split than locked up shares. When coins are lost, they stop circulating; that amount - of active, unique coins - is the M1 value, or the amount of circulating currency. Just like if you burn a key, or mint or destroy a trillion dollar coin thats in the Reserve, or disable shares, the value is derived from the scarcity of the resource. Technically the "uncirculated" money has value, but only as "capital", as it's generally a liquid asset or borrowed against collateral. Uncirculated currency and coins are generally just a very flat asset, just eroding by inflation.