Watch List notes:

China (People's Republic), gold 25 yuan (1/4 oz) Panda, 1987 S, NGC MS 70 ("top pop"). KM-161; PAN-54A. Highly desirable as one of only nine pieces at MS 70 in the current NGC census. In this year we see a mintmark (here, S for Shanghai, but on other coins Y for Shenyang) and on proof coins a P for Proof. Mintage: 10,000 (planned; actual and surviving unknown). Pedigreed to the Gansu Collection of Chinese Panda Coinage.

Estimate: $500 - $750