As our ringgit falls in value, people are looking for old banknotes and coins in the hope of gaining money when they sell them in the future.
Old coins — a good investment
Gold coins are a viable form of investment, said Sarawak Philatelic and Numismatic Society (SPNS) president John Goh Cheong Huat.
He said that in Sibu, due to the economic downturn, some collectors sold their collectible items in order to cope with inflation.
“They sold the items they purchased 20 years ago. Even if they clean out their entire collection, they can still make money.
“Some of these gold coins had a face value of roughly RM1,000, but depending on the coin condition, some of them are now worth around RM12,000 or more.
“So, I advised many people that if they have money in the bank, they should buy a collection item. If you purchase a gold coin, you will never lose.
“Every year, the gold market rises. As a result, the gold price never falls,” Goh said when met by New Sarawak Tribune recently.
He said that more and more people, particularly middle-aged people, are considering investing in gold coins and old banknotes.
“Our ringgit is falling in value, and if they keep their money in the bank, they may not receive a good return due to low interest rates.
“Therefore, people are seeking out old banknotes in the hopes of making some money when they sell them in the future,” he said.
Goh added that some of the investors are those who had lost their jobs as a result of the COVID-19 pandemic.
“Now these people are buying old banknotes as they have enough savings. This is an investment for them,” he said.
Goh also said that in the collection sector, you never know when things would blow up, especially in gold coin collection.
“In 2012, I bought 10 sets of Queen Elizabeth II Diamond Jubilee Silver coins from a friend who moved to Canada. Nobody likes it (the coin) at that time.
“However, following the Queen’s passing, many people have called to ask whether I have any souvenirs.
“You never know when the things will start shooting up. This is a pure silver coin. I bought one set for over 160 Canadian dollars,” he said.