FOR RELEASE:  JANUARY 21, 1993

          CALIFORNIA RARE COIN MARKETER AND ITS PRESIDENT
    AGREE TO HALT FALSE CLAIMS, MONITORING OF FUTURE ACTIVITIES
                       TO SETTLE FTC CHARGES

     California rare-coin telemarketer Golden Oak Numismatics,
Inc. and its president, Ronald H. Michel, have agreed to settle
Federal Trade Commission charges that they made numerous false and
misleading representations to consumers to induce them to invest
in rare coins.  The settlement contains several prohibitions
against, among other things, false claims regarding the risk,
price, mark-up, or likely earnings associated with investing in
the defendants' rare coins.  It also enables the FTC to monitor
any future telemarketing or investment promotion Michel under-
takes, and requires written disclosures to consumers in connection
with future coin sales.

     Golden Oak is based in Marina Del Ray, and Michel resides in
Pacific Palisades, California.

     According to the FTC complaint spelling out the allegations,
Golden Oak's coins were marked up as much as several hundred per-
cent, making it "virtually inevitable" that many consumers would
lose most of their investment.  The complaint was filed in federal
district court in Los Angeles in December 1991.  In January 1992,
the defendants agreed to the issuance of a temporary restraining
order halting the allegedly false claims, freezing the defendants'
assets, and appointing a receiver to manage the company.  The
defendants later agreed to a preliminary injunction extending the
prohibitions and asset freeze.

                             - more -
Golden Oak Settlement--01/21/93)

     Now the defendants have agreed to a permanent injunction that
would prohibit them, in connection with the marketing or sale of
coins, investments or investment services, or with the telemarket-
ing of any product or service, from falsely representing:

     -- that they are excellent or low-risk investments;

     -- that they are promoted or sold at, or close to, the price
     at which they could be liquidated through a market sale;

     -- that they are sold or promoted at reasonable, competitive,
     low, or specified mark-ups over the defendants' cost to
     acquire them;

     -- the likelihood of profit or income;

     -- past or likely future earnings or returns on the
     investment; and

     -- any other fact material to a consumer's decision to
     purchase such products or services.

     In addition, if approved by the court, the settlement would
require Golden Oak and Michel to place in all promotional bro-
chures and order acknowledgement documents for coin sales the
following boxed disclosure:

     "The investment value of a rare coin depends in large part on
     how the price you pay compares with the coin's current resale
     value.  If the markup over resale value is sufficiently
     large, you risk losing money even if the coin later goes up
     significantly in value.  You can get information that may
     help you to determine a coin's resale value from other coin
     dealers and coin experts not affiliated with the person
     selling you the coin."

     The defendants further would be required to obtain a signed
statement from all customers indicating that the customers have
received and understand this disclosure.

       The settlement includes a $5 million judgment against
Golden Oak and a $1 million judgment against Michel.  Recovery on
these judgments is uncertain.

     The proposed consent judgment was filed in U.S. District
Court for the Central District of California, in Los Angeles,
yesterday.  It requires the court's approval.
(Golden Oak Settlement--01/21/93)

NOTE:  This consent judgment is for settlement purposes only and
does not constitute an admission by the defendant of a law
violation.  Consent judgments have the force of law when signed by
the judge.

     Copies of the proposed consent judgment are available from
the FTC's Public Reference Branch, Room 130, 6th Street and
Pennsylvania Avenue, N.W., Washington, D.C. 20580; 202-326-2222;
TTY 1-866-653-4261.

     The FTC has developed a consumer fact sheet titled,
"Investing in Rare Coins," that offers tips and advice.  Free
copies are available from the same address.

                               # # #

MEDIA CONTACT:      Bonnie Jansen, Office of Public Affairs
                    202-326-2161

STAFF CONTACT:      Hugh G. Stevenson, Bureau of Consumer Protection
                    202-326-3511

(FTC Matter No. X920007)
(Civil Action No. 91-6741)
(golden2)