"I wish I had a book like this years ago."*

Explore the world's most appealing modern coins. With 208 pages filled with detailed color photos, the Gold and Silver Panda Coin Buyer's Guide is the outstanding reference book for collectors, investors and lovers of Pandas.

* Reader comment

The Gold Panda

What is the most interesting and attractive series of gold coins in the world? The gold Panda coins of China has to be a contender for the award. 2007 marked the 25th year since it was introduced and over 2 million one-ounce gold Pandas coins have been minted in that time. The gold Panda Coin not only features a universally appealing subject, but each year (with one exception) carries a different design. Because it is updated annually, the Pandas are naturals to be collected by date. Of all the Pandas, no size better displays the year’s artwork than the popular one ounce gold coin—the flagship of the series.

A collector might reasonably assume that determining the key dates in a modern coin series is as simple as checking the mintage figures to see which years had the lowest production. The first indication that things might not be so simple for Pandas is that the Chinese Mint has published two different sets of mintage statistics — an official list of mintage figures and a supplementary one that was released for the 25th Anniversary celebration in 2007. The Anniversary list states that it is the actual number of coins that were minted, not the planned amount that was originally published. Some of the figures diverge substantially: for instance the 1988 original mintage is 167,000, but the 25th list shows 289,055 made.

The second indication that there are other factors that influence availability is that some dates with decent mintage quantities are rather difficult to locate.

In any case, the two lists are interesting to compare. But do they answer the question, what years are the scarcest; not to mention— in what condition are the coins? Remember, the Pandas were marketed as bullion items and many were treated as such. While each coin was shipped from the mint individually wrapped in a protective plastic pouch, many were removed to make them easier to stack; others were fitted for jewelry. As a consequence a significant number of Pandas were soon scratched and marked in ways that make them undesirable for collectors.

To top that off, the Chinese Mint appears to have had some quality control problems during the early years of the series. Although all gold Pandas are struck from .999 fine gold, they do include trace amounts of copper. This copper can tint the surface of the coin with a red stain. It turns out that some dates can be quite difficult to locate without these flaws, which makes the series a real challenge for Panda-lovers interested in assembling a showpiece collection.

NEW!!!
The Panda Paucity Index

The question remains; is there a method to determine which dates of gold Panda coins are scarce? The answer is yes—through auction records. Numismatic researchers have long turned to auction records for estimating coin populations. Previous published research efforts have used sales at major numismatic auction houses like Heritage, Stack’s, Superior Stamp & Coin, Bowers and Merena, etc. to track the frequency that a specific coin is offered for sale. This permits researchers to work witha random sample of extant coins.

While prevalence in auctions is not absolute proof of how many coins of a certain date exist, it is a good indicator of how difficult it will be to find one; the definition of scarcity. If a date only turns up once every four months, on average, than a collector should recognize that this date may take some searching and patience to acquire.

For Pandas, traditionally valued for little more than their intrinsic value, there is hardly any formal auction record to speak of — except in the 21st century world of eCommerce. Online auctions take place 24/7 and—for coins like Pandas—are the most widespread, public marketplaces on earth.

Based on over 3,000 online auctions we have created the Panda Paucity (or Paw-City, as we like to joke) Index. The PPI is a ranking from 1 to 100 to show how often a coin is offered for sale at auction. In this index 1 represents the hardest-to-find Panda and 100 the most common. We believe this index is an easy to use and effective way to compare relative scarcities of Panda dates.

In the process, we have used our judgment to weed out fakes, scams and damaged coins and emailed sellers to clarify details. Some of the results have been unexpected and challenge conventional wisdom on the availablity of certain dates. As we continue to track Pandas the PPI values will become ever more exact, but we believe they are quite revealing already and have decided to share them.

One factor to consider is that the more expensive a coin, the more often it will be offered for sale at auction. This is because the high premium the coin commands is an incentive to owners to cash in on the price difference over melt value. So, when considering dates like the 1982 or 1995, remember that the number of existing coins of these dates may be more limited than the auction record suggests and the PPI number a bit inflated. Even so, the frequency which a coin is offered for sale is useful knowledge to anyone looking to buy, or sell, that date.

Above all, remember that compared to an American Eagle, or a South African Krugerrand (there were nearly 3x the quantity of Krugerrands issued in just 1978 as the total number of Pandas coined in 25 years), no Panda is truly common. This makes hunting for these coins an exciting numismatic adventure mixing fun, beauty and investment potential.

~PA~

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Gold Panda Coins of China

Diameter = 32mm; weight = 1 Troy ounce, or 31.1 grams of .999 fine gold

The comments below are based on records tracking the 1 oz. gold Panda Coins population through over 5,000 auctions — your mileage may vary. Recent average prices are just that and not a prediction of future value. Auction prices may be volatile based on scarcity, condition and the current price of gold.

PPI (Panda Paucity Index) values: Higher is scarcer

Prices are for uncirculated condition in January 2010.
Prices will fluctuate with the price of gold.
Average gold price = $1,118/oz. in January 2010.

Roll your mouse over the coins to see the obverse side with The Temple of Heaven in Beijing. Photos courtesy of CGC Coins

1982 Gold Panda
Weight 1 Troy oz.
PPI Value: 78
Original Mintage: 15,815
Revised Mintage: 13,532
Recent ave. price: $2,217
Lo-Hi: $2,002 – $2,559
Highest Certified Coin:
NGC MS-68 = $2,559

Widely considered the key date for the Panda series, the 1982 generally fetches $1,800-$2,500 at auction, depending on condition.
(1982 Gold Panda continued)

1983 Gold Panda
Weight 1 Troy oz.
PPI Value: 70
Original Mintage: 22,470
Revised Mintage: 25,363
Recent ave. price: $1,325
Lo-Hi: $1,325 – $1,325
Highest Certified Coin:
None

Considered a semi-key date, the 1982 generally auctions at a premium over its melt value. Like the 1982 this date is seen far more
(1983 Gold Panda continued)

1984 Gold Panda
Weight 1 Troy oz.
PPI Value: 73
Original Mintage: 23,330
Revised Mintage: 25,183
Recent ave. price: $1,400
Lo-Hi: $1,400 – $1,400
Highest Certified Coin:
NGC MS-65 = $1,400

Generally thought of as a semi-key date, the 1984 generally auctions at a premium over its melt value. The 1984 has appeared a bit
(1984 Gold Panda continued)

1985 Gold Panda
Weight 1 Troy oz.
PPI Value: 1
Original Mintage: 164,190
Revised Mintage: 55,539
Recent ave. price: $1,185
Lo-Hi: $1,100 – $1,270
Highest Certified Coin:
NGC MS-69 = $1,225

As Pandas go, this is a common date. At auction the 1985 appears in more often than any other year—over 10% all Pandas offered
(1985 Gold Panda continued)

1986 Gold Panda
Weight 1 Troy oz.
PPI Value: 6
Original Mintage: 127,000
Revised Mintage: 107,132
Recent ave. price: $1,211
Lo-Hi: $1,115 – $1,333
Highest Certified Coin:
NGC MS-69 = $1,333

As Pandas go, this is another common date. At auction the 1985 appears the second most of any year—just behind the 1985. There have
(1986 Gold Panda continued)

1987 Gold Panda
Weight 1 Troy oz.
PPI Value: 20
Original Mintage: 131,579
Revised Mintage: 156,178
Recent ave. price: $1,198
Lo-Hi: $1,076 – $1,325
Highest Certified Coin:
NGC MS-66 = $1,185

This is the third in a run of three common dates. At auction the 1987 appears the third most of any year—not far behind the 1985. There
(1987 Gold Panda continued)

1988 Gold Panda
Weight 1 Troy oz.
PPI Value: 52
Original Mintage: 167,193
Revised Mintage: 289,055
Recent ave. price: $1,245
Lo-Hi: $1,175 – $1,369
Highest Certified Coin:
PCGS MS-69 = $1,369

The 1988 has the largest mintage listed for any year of 1 oz. Panda. In spite of that it appears at auction only half as often as the
(1988 Gold Panda continued)

1989 Gold Panda
Weight 1 Troy oz.
PPI Value: 68
Original Mintage: 74,000
Revised Mintage: 115,187
Recent ave. price: $1,297
Lo-Hi: $1,200 – $1,366
Highest Certified Coin:
NGC MS-69 = $1,366

The 1989 is a year where many coins have problems with copper spots or staining — in fact, over half the 1989s I have looked at are
(1989 Gold Panda continued)

1990 Gold Panda
Weight 1 Troy oz.
PPI Value: 80
Original Mintage: 45,561
Revised Mintage: 53,898
Recent ave. price: $1,251
Lo-Hi: $1,225 – $1,280
Highest Certified Coin:
PCGS MS-69 = $1,425

The 1990 is, IMO, the most problematic year for problems with copper spots or staining —not only are they common but they are
(1990 Gold Panda continued)

1991 Gold Panda
Weight 1 Troy oz.
PPI Value: 87
Original Mintage: 100,000
Revised Mintage: 36,367
Recent ave. price: $883
Lo-Hi: $866 – $900
Highest Certified Coin:
NGC MS-67 = $1,225

1991 is a scarce date. It is a challenge to find, appearing for sale only 1/7 as often as a 1986, for instance. This is similar to the 1995, a
(1991 Gold Panda continued)

1992 Gold Panda
Weight 1 Troy oz.
PPI Value: 79
Original Mintage: 48,988
Revised Mintage: 41,120
Recent ave. price: $1,223
Lo-Hi: $1,144 – $1,275
Highest Certified Coin:
None

The 1992 is a date that may, in fact, be scarce (our Panda dealer friend insists it is) but has appeared frequently on eBay.
(1992 Gold Panda continued)

1993 Gold Panda
Weight 1 Troy oz.
PPI Value: 91
Original Mintage: 35,000
Revised Mintage: 40,449
Recent ave. price: $1,303
Lo-Hi: $1,301 – $1,304
Highest Certified Coin:
None

The 1993 has been put up for sale with same frequency as the 1994, 1995 and 1996 Pandas. It is definitely scarce and also
(1993 Gold Panda continued)

1994 Gold Panda
Weight 1 Troy oz.
PPI Value: 91
Original Mintage: 35,000
Revised Mintage: 24,438
Recent ave. price: $1,317
Lo-Hi: $1,251 – $1,351
Highest Certified Coin:
None

The 1994 is similar in rarity to the 1993, 1995 and 1996 Pandas.

1995 Gold Panda
Weight 1 Troy oz.
PPI Value: 93
Original Mintage: 35,000
Revised Mintage: 17,412
Recent ave. price: $1,688
Lo-Hi: $1,688 – $1,688
Highest Certified Coin:
None

The 1995 has the second lowest revised mintage of the 1 oz. gold Pandas.

1996 Gold Panda
Weight 1 Troy oz.
PPI Value: 92
Original Mintage: 35,000
Revised Mintage: 22,009
Recent ave. price: $1,639
Lo-Hi: $1,403 – $1,875
Highest Certified Coin:
NGC MS-69 = $1,875

The 1996 has the fourth lowest revised mintage of the 1 oz. gold Pandas and is a key date. There have been nearly the same
(1996 Gold Panda continued)

1997 Gold Panda
Weight 1 Troy oz.
PPI Value: 64
Original Mintage: 125,000
Revised Mintage: 30,457
Recent ave. price: $1,575
Lo-Hi: $1,575 – $1,575
Highest Certified Coin:
NGC MS-69 = $1,575

The 1997 has a couple of distinctions: the huge disparity between the original published mintage and the revised number
(1997 Gold Panda continued)

1998 Gold Panda
Weight 1 Troy oz.
PPI Value: 94
Original Mintage: 125,000
Revised Mintage: 20,507
Recent ave. price: $1,539
Lo-Hi: $1,275 – $1,713
Highest Certified Coin:
PCGS MS-69 = $1,713

The 1998 used to be a sleeper coin. Today it is sought after. It comes in two varieties: Small Date and Large Date.

1999 Gold Panda
Weight 1 Troy oz.
PPI Value: 77
Original Mintage: 125,000
Revised Mintage: 32,439
Recent ave. price: $1,337
Lo-Hi: $1,298 – $1,400
Highest Certified Coin:
None

The 1999 appears reasonably often for a 1990's coin but less often than post-2000 issues. It comes in three varieties: Small Date, Large Date and Large Date with Serif.

2000 Gold Panda
Weight 1 Troy oz.
PPI Value: 89
Original Mintage: Unknown
Revised Mintage: 29,011
Recent ave. price: $1,452
Lo-Hi: $1,209 – $1,798
Highest Certified Coin:
PCGS MS-69 = $1,798

The 2000 is another surprise; a sleeper in this series. It is among the least offered coins — fewer 2000's have come up for sale than
(2000 Gold Panda continued)

2001 Gold Panda
Weight 1 Troy oz.
PPI Value: 81
Original Mintage: 150,000
Revised Mintage: 44,411
Recent ave. price: $1,342
Lo-Hi: $1,318-1,350
Highest Certified Coin:
None

The 2001 Panda pops up occasionally and is definitely not common—kind of like the 1990. This date is scarcer than the mintage would
(2001 Gold Panda continued)

2002 Gold Panda
Weight 1 Troy oz.
PPI Value: 89
Original Mintage: 120,000
Revised Mintage: 28,345
Recent ave. price: $951
Lo-Hi: $856 – $1,033
Highest Certified Coin:
None

The 2002 Panda is the only coin to share its design with another year—the 2001. As I understand it, the Chinese Mint was
(2002 Gold Panda continued)

2003 Gold Panda
Weight 1 Troy oz.
PPI Value: 89
Original Mintage: 120,000
Revised Mintage: 36,300
Recent price: No sales
Lo-Hi: N/A
Highest Certified Coin:
None

The 2003 Panda is characterized by an extraordinary creamy finish. It is also notable for its scarcity. The 2003 has been
(2003 Gold Panda continued)

2004 Gold Panda
Weight 1 Troy oz.
PPI Value: 90
Original Mintage: 120,000
Revised Mintage: 55,000
Recent ave. price: $1,189
Lo-Hi: $1,177 – $1,201
Highest Certified Coin:
None

2004 Pandas find their way to auction at the same pace as the '02s and '03s, despite the higher mintage. On the
(2004 Gold Panda continued)

2005 Gold Panda
Weight 1 Troy oz.
PPI Value: 79
Original Mintage: 150,000
Revised Mintage: 50,300
Recent ave. price: $1,211
Lo-Hi: $1,196 – $1,780
Highest Certified Coin:
NGC MS-70 = $1,780

2005 Pandas appear nearly twice as often as 2004s. This makes some sense as public interest in gold itself was rising
(2005 Gold Panda continued)

2006 Gold Panda
Weight 1 Troy oz.
Mintage: 115,600

2007 Gold Panda
Weight 1 Troy oz.
Mintage: 150,000

2008 Gold Panda
Weight 1 Troy oz.
Mintage: 150,000

2009 Gold Panda
Weight 1 Troy oz.
Mintage: 150,000

2010 Gold Panda
Weight 1 Troy oz.
Mintage: 300,000

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The Gold Panda

Gold Panda Coins of China

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