Rare item: Goh showing the large RM600 commemorative note issued in 2017.
Coin collectors looking to sell them for big profit as value skyrockets
SIBU: The gold price upswing has driven collectors of gold coins to a speculative frenzy.
Sarawak Philatelic and Numismatic Society president John Goh said the consistent hike in gold price has made collectors of gold coins “crazy”.
“Morgan Stanley predicted in November last year that the gold price would hit US$3,000 per ounce by the end of 2024. It reached that in January this year.
“Now, they’re predicting US$4,000 by the end of 2025. This has caused excitement among collectors of gold coins, who want to sell them for big profit. I myself have sold off a lot of gold coins,” Goh said.
An avid collector, Goh, 75, said he had bought the gold coins 30 years ago, and sold them off at triple the original price.
“I was reluctant to sell them as collecting rare items is a passion – not a path to instant wealth. My son told me that at my age, I should just sell them off.
“After listening to him and seeing the market price for gold, I sold them off.”
He said that runners, particularly from the peninsula, have also stirred interest by advertising high purchase prices in local newspapers.
“They’re buying, not selling. And they’re offering good money for rare items, including gold coins. But only for rare ones,” he stressed.
He believes that a lack of understanding about philately and numismatics among the general public has also led to confusion and disappointment.
“This is a hobby. In Chinese, we call it ‘pingtai’ – a platform where enthusiasts share the joy of collecting. It’s not meant to be a business.”
Goh recalled how younger collectors often ask which items are profitable.
“I tell them straight: if you’re asking about profit, you’re already wrong. If collecting could make you rich, I’d be a millionaire by now.
“You buy what you like, keep it, and maybe someday it’s worth more. That’s just a bonus.”
He noted the surge in demand for rare notes, such as Malaysia’s RM600 commemorative note issued in 2017.
“Only 6,000 pieces were made. It’s still the world’s largest legal tender banknote. I sold mine in 2019 for RM4,000. Today, it goes for more than RM10,000.”
Goh also said that imitations are sold cheaply for decoration.
“They’re not legal tender, just souvenirs. A beginner might buy them to frame or put on their desk, but collectors know the difference.”
Goh, who has been collecting for over 50 years, said there has been no major sales or promotions since the Covid-19 pandemic.
However, the society will soon hold an exhibition from June 6 to 8 in Sibu.
One of the goals is to educate the public, especially rural communities.
“A lot of people from the kampung bring in ‘Parliament coins’ thinking they’re rare. But most of those were mass-produced and recycled years ago.
“In Peninsular Malaysia, old coins were collected and returned to Bank Negara.
“But in Sarawak, banks no longer accept them due to the cost of shipping and insurance.
“People end up hoarding them, not knowing they’re basically worthless unless in mint condition,” he added.
For coins that may still hold value, such as certain commemorative issues or rare serial numbers, he advised collectors to visit Bank Negara’s headquarters in Kuala Lumpur.
As more people dust off old stamp albums and coin boxes, Goh hopes they’ll approach collecting with the right mindset.
“If you collected something 30 years ago and it’s now worth more, that’s wonderful,” he said.
“But don’t expect to get rich overnight. Real value comes from the knowledge, the condition, and the rarity – not just age.”
