Watch List notes:

China (People's Republic), gold 25 yuan (1/4 oz) Panda, 2000, mirrored ring (Shanghai mint), NGC MS 65. KM-1305; PAN-328B. Key coin with very low population estimate, this example under-graded in our opinion. In this year the differentiation between mints is made by the version of the outer ring; mirrored means Shanghai and frosted means Shenyang (none made at Shenzen Guobao). The mirrored-ring Pandas were intended for distribution only in China, hence they are all somewhat rare outside that country. Actual mintage for both mints: 24,811; estimated extant population for this variety