China
People's Republic gold "Frosted Ring" Panda 25 Yuan (1/4 oz) 2000 MS70 NGC, KM1305, Cheng page 274, #3, Pan-328A. Even with close examination, we note no flaws on this exceptional piece. The outer ring around the Temple of Heaven, containing the date and legend, is nicely frosted.
Estimate: 900-1000 USD