Peter Anthony:The 1994 Panda proof set is interesting because two of its coins were offered separately and have higher mintages than the other three members of the set. The 1994 25 Yuan 1/4 oz. gold proof Panda has a reported mintage of 2,500 and was sold as part of two sets: a five-coin proof set and a three-coin “Prestige Set.” The proof set includes: 50 Yuan gold, 25 Yuan gold, 25 Yuan bimetallic, 10 Yuan gold and 5 Yuan gold. The prestige Set came in a green velour case with its own privately printed “Certificate of Authenticity.” It includes both the 25 Yuan gold and the 25 Yuan bimetallic Pandas. The 25 Yuan gold is more available as a solo coin than the other denominations in the proof set due to the extra supply from the Prestige Sets.

Most of the graded coins are MS-69 as buyers tended to handle these proof sets carefully, unlike the B.U. Pandas. Rub, if present, will usually show up first on the Panda’s head.

The 1994 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.”