Published on 6 October 2026 by Gold Reserve
The Panda is struck by the People’s Republic of China. It has been issued in gold since 1982 and in silver since 1983, and its reverse is redesigned every year, as are those of the Australian Kangaroo and Kookaburra. Where the Maple Leaf, the Krugerrand or the Vienna Philharmonic have repeated the same design for decades, the Panda is redrawn for every year. That feature explains a large part of its price, and it is where you should start to understand what the coin in your hand, or the one you are considering, is worth.
What a Panda is worth, and where the gap with the metal comes from
The value of a Panda breaks down into two parts. The first is the value of the metal it contains, calculated at the day’s rate: its gross weight multiplied by its fineness, multiplied by the gold or silver price. The second is the premium, which is what the market accepts to pay above the metal. On the gold Panda that premium is of the same order as on other one-ounce coins. On the silver Panda it is higher, and that is to be expected: silver premiums are structurally higher than gold ones, because minting, packaging and shipping costs weigh proportionally far more on a metal whose gram is worth several dozen times less than gold. For the Panda there is also collector demand, which seeks out certain years and supports prices.
You can follow the day’s rate on our gold price page.
The year, and why two Pandas of the same weight do not cost the same
Two Pandas of the same weight and the same fineness can trade at different prices, and the reason is the year. Mintages vary from one year to the next, some issues were struck in smaller numbers, and condition counts: a coin still in its original capsule, without a scratch or a handling mark, trades better than one taken out of its packaging. Some low-mintage years trade above the value of the metal and then belong to numismatics rather than to bullion. This is why we always state that the year delivered depends on our stock. If you want a particular year, ask us before ordering.
The two coins we offer
We offer the Panda in both metals, in the 30-gram format struck since 2016. The 30 g gold Panda weighs 30 grams, is 999 thousandths fine and measures 32 mm across, for a face value of 500 yuan. The 30 g silver Panda has the same weight and the same fineness, measures 40 mm across and carries a face value of 10 yuan. Both are delivered in their original capsule, and their price follows the day’s rate.
Why the Panda is no longer one ounce since 2016
Until 2015 the Panda followed the troy ounce, the Anglo-Saxon unit worth 31.1 grams. In 2016 China moved its entire precious metal coinage to the metric system, and the former one-ounce coin became a round 30.00 grams. The coin therefore lost 1.1 grams, which is a little over three per cent of its weight. Beware of listings that still describe a post-2016 Panda as a one-ounce coin: several sellers have kept the old wording on a coin that no longer matches it. On a purchase, the weight stated on the invoice is what counts.
Formats other than 30 grams
Alongside the 30-gram coin, China strikes smaller gold formats of 15, 8, 3 and 1 gram, and larger silver pieces. The smaller the format, the heavier the premium relative to the metal, because minting costs are spread over less metal. If your aim is to hold metal at the price closest to the rate, the larger formats and bars are more efficient, as explained in our article on which gold bar to buy.
The Panda’s fineness: 999, not 999.9
The Panda is 999 thousandths fine, in gold as in silver. You do not have to take our word for it: the fineness is engraved on the coin itself. The reverse of the gold Panda carries the mark « 30 g Au .999 », the silver one « 30 g Ag .999 ». The confusion comes from the shorthand « 24 carat », used for all so-called pure gold, which strictly corresponds to 999.9 thousandths. In practice current coins fall into both camps: the Maple Leaf, the Kangaroo, the Vienna Philharmonic and the modern Britannia are 999.9, while the Panda and some others are 999.
Does it make any difference to the buyer?
For the metal it contains, the difference is small: on 30 grams, the gap between 999 and 999.9 thousandths amounts to a few hundredths of a gram. What matters far more is the gross weight and the premium you pay. The point is worth knowing so that you can check a listing, not because it changes what the coin is worth.
Panda, Maple Leaf, Britannia: which to choose
If your aim is to hold metal at the price closest to the rate, the Panda is not the most efficient choice: its premium is higher than that of fixed-design coins, precisely because of collector demand. On that logic the Maple Leaf, the Kangaroo or the Britannia serve the purpose better, and a bar better still. If on the other hand you accept a somewhat higher premium in exchange for a coin whose design never repeats, the Panda offers something fixed-design coins do not. A collection of Pandas by year builds itself, and it can sell above the value of the metal if the years are sought after. That is a bet on scarcity, not on the rate. The same reasoning applies in silver, where the Panda compares with the silver Maple Leaf, the silver Britannia and the Kookaburra, the last of which also carries a design renewed every year.
Spotting a genuine Panda
Both faces are highly codified, which makes checking easier. The obverse shows the Temple of Heaven in Beijing, unchanged since the first issue, with the inscription of the People’s Republic of China and the year. The reverse shows the panda of the year, the metal, the weight and the fineness, and the face value in yuan. The weight and the diameter are the simplest checks: 30.00 grams and 32 mm for the gold coin, 30.00 grams and 40 mm for the silver one. A coin that is off by a tenth of a gram, or whose diameter does not match, deserves an expert eye. Gold does not attract a magnet, and neither does silver.
What about the capsule?
Chinese Pandas are delivered sealed in an original capsule, and that packaging is part of the coin’s appeal. Opening it does not change the value of the metal in any way, but it can affect the price a collector will pay for a sought-after year. If you are buying to hold metal, it makes no difference. If you are buying with resale to a collector in mind, leave the capsule alone.
Tax on resale
In France, selling a Panda falls under the rules for precious metals, which offer a choice between two regimes. The flat-rate tax applies to the gross amount of the sale and requires no supporting document. The capital gains regime for the sale of movable goods becomes more attractive as the holding period lengthens, since an allowance applies for each year held beyond the second, up to full exemption, but it requires proof of the purchase date and price. Keep your invoices. These rules apply to sales made in France; if you are resident elsewhere, your own country’s rules apply.
Buying a Panda from Gold Reserve
We sell the 30 g gold Panda and the 30 g silver Panda at the day’s rate, with the premium shown in the price. The year delivered depends on our stock, and we will tell you which one before shipping if you ask. You will find our other coins and bars in the shop, and if you are comparing with an older coin, our article on the value of the 50 pesos coin follows the same reasoning on a different piece.
