100 Yuan Penguin

China's Panda and Penguin bullion programs ran parallel through the 1990s, but the Penguin series was always the minor sibling — shorter runs, less collector infrastructure, and far fewer surviving examples in original packaging. The 1997 issue coincided with the handover of Hong Kong, a year when the People's Bank was managing considerable symbolic weight across its entire coinage output.

KM#1092 is catalogued but mintage figures for this specific issue remain poorly documented in Western references — a recurring problem with Chinese gold issues of the period where official figures were either not released or were released only through domestic channels.