200 Yuan Panda

China's Panda gold series, launched in 1982, was the first major bullion program to change its reverse design annually — a deliberate policy that transformed the coins into collectibles rather than pure bullion instruments, driving demand well beyond what weight alone would justify. The 15-gram denomination was introduced in 2016 when China converted the entire series from troy-ounce weights to metric, a metrication that drew sharp criticism from Western dealers already holding inventory denominated in the old fractional sizes.