China
People's Republic silver Proof Panda Medal ND (1991) PR69 NGC, Pan-164a, Cheng page 101, #4, commemorating the 10th anniversary of Panda coinage. Housed in an NGC jumbo holder. NGC has this as Proof on the holder, but this piece is fully frosted, with a matte-like finish, and has more UNC characteristics. They have called these pieces UNC previously. Mintage of 2,000 pieces.
Estimate: 750-850 USD