diff --git a/docs/api.md b/docs/api.md
index dc588100c..4943a33a3 100644
--- a/docs/api.md
+++ b/docs/api.md
@@ -198,11 +198,14 @@ all other modifications, such as [`.normalize()`](#normalize).
 _Examples:_
 
 ```js
-var argv = require('yargs/yargs')(process.argv.slice(2))
-  .coerce('file', function (arg) {
-    return await require('fs').promises.readFile(arg, 'utf8')
+import { readFile } from 'node:fs/promises';
+import yargs from 'yargs';
+const argv = await yargs(process.argv.slice(2))
+  .coerce('file', async (arg) => {
+    const content = await readFile(arg, 'utf8');
+    return JSON.parse(content);
   })
-  .argv
+  .parseAsync();
 ```
 
 Optionally `.coerce()` can take an object that maps several keys to their
diff --git a/lib/yargs-factory.ts b/lib/yargs-factory.ts
index f3c039d7a..1d58fdf33 100644
--- a/lib/yargs-factory.ts
+++ b/lib/yargs-factory.ts
@@ -380,20 +380,26 @@ export class YargsInstance {
     if (!value) {
       throw new YError('coerce callback must be provided');
     }
+
+    // Handled multiple above, down to one key.
+    const coerceKey = keys;
     // This noop tells yargs-parser about the existence of the option
-    // represented by "keys", so that it can apply camel case expansion
+    // represented by "coerceKey", so that it can apply camel case expansion
     // if needed:
-    this.#options.key[keys] = true;
+    this.#options.key[coerceKey] = true;
     this.#globalMiddleware.addCoerceMiddleware(
       (
         argv: Arguments,
         yargs: YargsInstance
       ): Partial<Arguments> | Promise<Partial<Arguments>> => {
-        let aliases: Dictionary<string[]>;
+        // Narrow down the possible keys to the ones present in argv.
+        const coerceKeyAliases = yargs.getAliases()[coerceKey] ?? [];
+        const argvKeys = [coerceKey, ...coerceKeyAliases].filter(key =>
+          Object.prototype.hasOwnProperty.call(argv, key)
+        );
 
-        // Skip coerce logic if related arg was not provided
-        const shouldCoerce = Object.prototype.hasOwnProperty.call(argv, keys);
-        if (!shouldCoerce) {
+        // Skip coerce if nothing to coerce.
+        if (argvKeys.length === 0) {
           return argv;
         }
 
@@ -401,19 +407,12 @@ export class YargsInstance {
           Partial<Arguments> | Promise<Partial<Arguments>> | any
         >(
           () => {
-            aliases = yargs.getAliases();
-            return value(argv[keys]);
+            return value(argv[argvKeys[0]]);
           },
           (result: any): Partial<Arguments> => {
-            argv[keys] = result;
-            const stripAliased = yargs
-              .getInternalMethods()
-              .getParserConfiguration()['strip-aliased'];
-            if (aliases[keys] && stripAliased !== true) {
-              for (const alias of aliases[keys]) {
-                argv[alias] = result;
-              }
-            }
+            argvKeys.forEach(key => {
+              argv[key] = result;
+            });
             return argv;
           },
           (err: Error): Partial<Arguments> | Promise<Partial<Arguments>> => {
@@ -421,7 +420,7 @@ export class YargsInstance {
           }
         );
       },
-      keys
+      coerceKey
     );
     return this;
   }
diff --git a/package.json b/package.json
index 389cc6b06..a7a4db60a 100644
--- a/package.json
+++ b/package.json
@@ -68,6 +68,7 @@
     "c8": "^7.7.0",
     "chai": "^4.2.0",
     "chalk": "^4.0.0",
+    "concurrently": "^7.6.0",
     "coveralls": "^3.0.9",
     "cpr": "^3.0.1",
     "cross-env": "^7.0.2",
@@ -100,7 +101,10 @@
     "postbuild:cjs": "rimraf ./build/index.cjs.d.ts",
     "check": "gts lint && npm run check:js",
     "check:js": "eslint . --ext cjs --ext mjs --ext js",
-    "clean": "gts clean"
+    "clean": "gts clean",
+    "watch": "rimraf build && tsc && concurrently npm:watch:tsc npm:watch:cjs",
+    "watch:cjs": "rollup -w -c rollup.config.cjs",
+    "watch:tsc": "tsc --watch"
   },
   "repository": {
     "type": "git",
diff --git a/test/yargs.cjs b/test/yargs.cjs
index 42b4b83b8..2011a8288 100644
--- a/test/yargs.cjs
+++ b/test/yargs.cjs
@@ -2238,6 +2238,76 @@ describe('yargs dsl tests', () => {
         .getHelp();
       help.should.match(/option2 description/);
     });
+
+    it('argv includes coerced aliases', () => {
+      const argv = yargs('--foo bar')
+        .option('foo', {
+          coerce: s => s.toUpperCase(),
+          alias: 'f',
+        })
+        .parse();
+      argv['foo'].should.equal('BAR');
+      argv['f'].should.equal('BAR');
+    });
+
+    it('argv includes coerced camelCase', () => {
+      const argv = yargs('--foo-foo bar')
+        .option('foo-foo', {
+          coerce: s => s.toUpperCase(),
+        })
+        .parse();
+      argv['foo-foo'].should.equal('BAR');
+      argv['fooFoo'].should.equal('BAR');
+    });
+
+    it('coerce still works when key used for coerce is not explicitly present in argv', () => {
+      const argv = yargs('--foo-foo bar')
+        .option('foo-foo')
+        .coerce('foo-foo', s => s.toUpperCase())
+        .parserConfiguration({'strip-dashed': true})
+        .parse();
+      expect(argv['foo-foo']).to.equal(undefined);
+      argv['fooFoo'].should.equal('BAR');
+    });
+
+    it('argv does not include stripped aliases', () => {
+      const argv = yargs('-f bar')
+        .option('foo-foo', {
+          coerce: s => s.toUpperCase(),
+          alias: 'f',
+        })
+        .parserConfiguration({'strip-aliased': true})
+        .parse();
+      argv['foo-foo'].should.equal('BAR');
+      argv['fooFoo'].should.equal('BAR');
+      expect(argv['f']).to.equal(undefined);
+    });
+
+    it('argv does not include stripped dashes', () => {
+      const argv = yargs('-f bar')
+        .option('foo-foo', {
+          coerce: s => s.toUpperCase(),
+          alias: 'f',
+        })
+        .parserConfiguration({'strip-dashed': true})
+        .parse();
+      expect(argv['foo-foo']).to.equal(undefined);
+      argv['fooFoo'].should.equal('BAR');
+      argv['f'].should.equal('BAR');
+    });
+
+    it('argv does not include disabled camel-case-expansion', () => {
+      const argv = yargs('-f bar')
+        .option('foo-foo', {
+          coerce: s => s.toUpperCase(),
+          alias: 'f',
+        })
+        .parserConfiguration({'camel-case-expansion': false})
+        .parse();
+      argv['foo-foo'].should.equal('BAR');
+      expect(argv['fooFoo']).to.equal(undefined);
+      argv['f'].should.equal('BAR');
+    });
   });
 
   describe('stop parsing', () => {