Found this news:1138379491.091057.251110@g49g2000cwa.googlegr oups.com in alt.games.warcraft:

Code:

Subject: Lunar Festival Coin Collection
From: "gaf1234567890" <gaf1234567890@hotmail.com>
Newsgroups: alt.games.warcraft
Organization: http://groups.google.com
User-Agent: G2/0.2

The Coins are gathered from "Elders" (nuetral NPC's) that are placed
all around the world. You just have to talk to them and it doesn't
matter what faction you are, even if you're in the other Factions'
territory. Collecting each coin is worth 50 Rep a piece (Cenarion
Circle?), and they can be turned in for Fireworks, and Firework
Schematics (Engineering), as well as ceremonial Dresses and Food items.

Here are the locations of Elders that have been reported so far...

Continent	Zone/City	Coods/Details
Eastern Kingdom	Blackrock Mountain	Blackrock Depths - Ring of Law
Eastern Kingdom	Blackrock Mountain	Lower Blackrock Spire - K.A.
Eastern Kingdom	Blasted Lands	Dark Portal
Eastern Kingdom	Buring Steppes	Dreadmaul Rock (82,46)
Eastern Kingdom	Burning Steppes	Flame Crest (64,24)
Eastern Kingdom	Dun Morogh	Kharanos - Dun Morogh (46,55)
Eastern Kingdom	Eastern Plaguelands	Crown Guard Tower - EPL (39,75)
Eastern Kingdom	Eastern Plaguelands	Light's Hope Chapel - EPL (81,60)
Eastern Kingdom	Eastern Plaguelands	Stratholme - (k.A.)
Eastern Kingdom	Elwynn Forrest	Goldshire - Elwynn (40,63)
Eastern Kingdom	Hinterlands	Creeping Ruin (49,48)
Eastern Kingdom	Ironforge	Mystic Ward (29,16)
Eastern Kingdom	Loch Modan	Thelsamar (33,46)
Eastern Kingdom	Searing Gorge	Blackchar Cave (21,78)
Eastern Kingdom	Silberpine Forest	The Sepulcher
Eastern Kingdom	Stormwind	Park (22,52)
Eastern Kingdom	Stranglethorn Vale	Booty Bay (27,74)
Eastern Kingdom	Stranglethorn Vale	Zul Gurub - Outside instance
Eastern Kingdom	Swamp of Sorrows	Sunken Temple
Eastern Kingdom	Tirisfal Glade	Brill
Eastern Kingdom	Undercity	Oben ?
Eastern Kingdom	Western Plaguelands	Caer Darrow
Eastern Kingdom	Western Plaguelands	Scholomance
Eastern Kingdom	Western Plaguelands	South of Weeping Cave
Eastern Kingdom	Westfall	Sentinel Hill - Top of the Tower (56,47)
Kalimdor	Ashenvale	Astranaar
Kalimdor	Azshara	Ravencrest Monument
Kalimdor	Barrens	Camp Taurajo
Kalimdor	Barrens	Crossroads
Kalimdor	Barrens	Ratchet
Kalimdor	Darkshore	Auberdine
Kalimdor	Darkshore	Auberdine - Darshore (36,46)
Kalimdor	Darnassus	Cenarion Enclave - Darnassus (33,14)
Kalimdor	Desolace	Maraudon - Jump down to Croc after Princess
Kalimdor	Durotar	Durotar - Razor Hill
Kalimdor	Felwood	Jaedenar (37,52)
Kalimdor	Feralas	Dire Maul (Arena)
Kalimdor	Feralas	Pavillion
Kalimdor	Mulgore	Bloodhoof Village
Kalimdor	Orgrimmar	Durotar - Orgrimmar Near Thrall
Kalimdor	Silithus	Cenarion Hold
Kalimdor	Silithus	Crystal Vale
Kalimdor	Tanaris	Gadgetzan
Kalimdor	Tanaris	Valley of Watchers (Uldum)
Kalimdor	Tanaris	Zul'Farak
Kalimdor	Teldrassil	Dolanarr (57,60)
Kalimdor	Thousand Needles	Freewind Post
Kalimdor	Thousand Needles	Shimmering Flats - Race Track
Kalimdor	Thunder Bluff	Elder Rise
Kalimdor	Un'Goro	Slithering Scar
Kalimdor	Winterspring	Everlook
Kalimdor	Winterspring	The Ruins of Kel'Theril

(Using code quote to preserve formatting.)

When you get to Nighthaven speak to Valagard to use the coin you got from the Elder. I got mine at the moon pool in Ironforge but I didn't know what the coin was for when I got to Moonglade last night.