An exploration of the complex development of gold mining in the Nilgiri–Wayanad region of southern India demonstrates how entwined histories disrupt simple taxonomic structures of “formality” and “informality.” Drawing on the long history of gold mining in the region that dates back to the 1830s, this paper presents a counter-example to the conventional view that institutions develop in a trajectory of informality to formality. To do this, the paper identifies three distinct phases of development in the gold mining industry of this region that mark and encompass shifts in governance of the area, global economic trends, commercial investment, property rights, government funding, influx of repatriate communities, and other social issues in the local economy. The analysis concludes that institutions in the region have evolved from formal–artisanal to formal–industrial, and then to informal–small scale.