Peter Anthony: The 1988 1/20 oz. gold 5 Yuan Panda is a Shenyang Mint designed coin that features a Panda cub among bamboo branches. It has a reported mintage of 468,683. If there is wear it typically shows up as rub on the bear’s forehead. The reflective outer ring is also sensitive to marks. This coin has long been considered as no better than bullion. It also has a history of attrition due to its use in jewelry. For instance, in 1988 there was a single coin dealer shipping 10,000 of these Pandas each month to jewelry manufacturers
A fairly modest quantity of the 1988 5 Yuans have been graded. That reflects the perception that this is a bullion coin and that its total value didn’t justify the grading fee. It wasn’t worth grading the 1988 5 Yuan unless it was needed for a set. Of those that have been graded a large majority are MS-69s. An updated Temple of Heaven design was introduced in 1988. The reflective fields that surround it are quite susceptible to damage. Red spots are also common but these can usually be removed without harm by NCS.
The 1988 1/20 oz. gold Panda is part of three NGC Registry sets: "Gold 1/20 Ounce Panda, 1983-Date, Mint State," "Gold 1/20 Ounce Panda, 1983-Date, Mint State (Incl. Varieties)" and "Gold 1/20 Ounce Panda, 1983-Date, Mint State and Proof."