Watch List notes:

China (People's Republic), bimetallic proof 25 yuan (1/4 oz gold, 1/8 oz silver) Panda, 1991, NGC PF 68 Ultra Cameo. KM-348; PAN-159A. The second year of this bimetallic issue, made in just one denomination specifically for the Hong Kong show (not mentioned by NGC or KM), which also received the release of a non-denominated bimetallic issue (next lot). Curiously, on this piece the inner design does not quite line up with the transition between the metals. Mintage: 10,000 (planned; actual and surviving unknown). Pedigreed to the Gansu Collection of Chinese Panda Coinage.

Estimate: $700 - $1000