200 Yuan Panda

The Panda gold series, launched in 1982, is one of the few government-issued bullion programs that changes its reverse design annually — a deliberate policy decision by the People's Bank of China that has driven collector demand far beyond what pure bullion weight alone would justify. The 2012 issue was struck in a year when the program was approaching its thirtieth anniversary, prompting unusually high collector interest in that run specifically.

KM#2025 corresponds to the half-troy-ounce denomination in the 2012 lineup, one of five sizes issued that year ranging from 1 gram to 1 troy ounce.