Peter Anthony: The 1989 25 Yuan 1/4 oz. gold Proof was released as part of a 5-coin all gold proof set that included a plush wooden box and a certificate of authenticity. It has a mintage of 8,000. 1989 is a transitional year for Panda coins. Demand had already peaked the eighties but planned mintages were only slowly reduced to reflect this new reality. The 8,000 sets exceeded the immediate market demand so that after a while these coins traded at near par with the B.U. 1989 gold Pandas. Some sets were even melted.

One consequence of this is that only a small percentage of the 25 Yuan proofs have been graded as the coin didn’t have a value that justified the fees. Of those that were graded most were done as part of complete sets. The coins are infrequently available outside of complete sets. The most common grade of those that are certified is Proof-69. The coins sometimes pick up rub on the bear’s forehead above the eyes so this is an area worth examining closely. Red spots are also common but may be removed through consultation with NCS.

The 1989 1/4 oz. proof gold Panda is part of two NGC Registry sets: "Gold 1/4 Ounce Panda, 1983-Date, Mint State and Proof," and “Gold 1/4 Ounce Panda, 1986-1994, Proof.”