A West Australian-based company, which encouraged people to invest in rare coins and bank notes, has gone into liquidation owing private investors what is believed to be tens of millions of dollars.

The Rare Coin Company, based in Albany on WA's south coast, encouraged investors nationally and overseas to purchase rare coins and notes which could then be sold at a profit.

The company focused particularly on encouraging Australian farmers to invest in the scheme.

It is understood the company has hundreds of creditors who together are owed millions of dollars.

Albany investor Rosalynd Sawyer says she had invested in the company for 10 years, but her attempts to sell her investments in the past 18 months have proved unsuccessful.

She says the company's collapse has left her facing major financial difficulties.

"I was shocked when I heard on the radio that it's gone into receivership because that's my superannuation that's gone down the tube," she said.

"I need that money in the next 12 months. I need it very, very much."

Ms Sawyer says she became concerned about her investments some time ago.

"My understanding is that we still own these coins and notes but now of course we have to find a market for them, really without knowing their true value," she said.

"This makes it very difficult because many people like myself went into this because the owners knew all about it."

Perth-based Sheridans Chartered Accounts has been appointed liquidator and has been contacted for comment.