Peter Anthony: The 1987 12 oz. gold 1000 Yuan Panda is the second gold Panda coin minted in this size. It was the first 12 oz. gold Panda released after the 1984 1000 Yuan gold coin. It was quite popular when originally issued and has a relatively high reported mintage of 4,000. A later report pegged the actual number minted at about 2,500. The 12 oz. gold Panda series has fewer date gaps than the 5 oz. series and has proved more popular with collectors. Despite this there have been periods when this coin has traded hands at prices close to its bullion value. This contributed to the reported melting of many coins. The close relationship between coin price and melt value has also discouraged grading of these coins and less than a handful have been certified.
The 1987 12 oz. gold Panda is part of the NGC “Gold 12 Ounce Panda, 1984-1995, Proof” Registry set.