10 Yuan Panda

The 1990 Panda gold series was the tenth annual issue since the program's 1982 launch, by which point Western collector demand had grown substantial enough that the China Gold Coin Corporation was actively managing distribution through foreign dealers. That year's issue is notable for carrying a fixed face value — largely symbolic given the bullion content — while the design changed annually, a deliberate departure from the static approach of the U.S. and South African programs that helped drive secondary market premiums.

KM#269 corresponds to the 1/10 troy ounce denomination. Watch for the Shenyang versus Beijing mint distinction on examples from this period; both facilities struck Pandas in 1990, and the mint mark placement differs.