China's Panda gold coin program launched in 1982, making 2007 its 25th anniversary — the occasion this piece was struck to mark. The series is unusual among modern bullion programs in that the reverse design changes annually, a deliberate policy that drove speculative collecting demand and complicated the program's identity as either a bullion issue or a commemorative one. The Chinese government has never fully resolved that tension.
China's Panda gold coin program launched in 1982, making 2007 its 25th anniversary — the occasion this piece was struck to mark. The series is unusual among modern bullion programs in that the reverse design changes annually, a deliberate policy that drove speculative collecting demand and complicated the program's identity as either a bullion issue or a commemorative one. The Chinese government has never fully resolved that tension.