Peter Anthony: The 1997 25 Yuan 1/4 oz. Small Date gold Panda was struck at the Shanghai Mint. The 1997 25 Yuan coins have an announced mintage of 21,909 but only a fraction of these coins have apparently survived. 1997 was the year of the transfer of Hong Kong from British to Chinese rule as well as the Asian Financial Crisis. There was speculation and hoarding and then panic and selling. By mid-year Asian demand for Pandas had plummeted. The effects were not as severe elsewhere but the 1997 gold Pandas are still among the scarcer dates. This includes the 25 Yuan coins.

There are at least two major varieties of the 1997 gold Pandas: Small Date and Large Date. The two versions are not hard to tell apart; the numerals of the Small Date are much smaller than those of the Large Date. These Shanghai-struck 25 Yuan Small Dates are seen about equally often as the Shenyang-minted 25 Yuan Large Dates, although that is not clear from the census.

Most 1997 25 Yuan Small Dates grade well. In fact most of those graded are MS-69 or MS-70. Red spots are a commonplace problem on unconserved 1997 gold Pandas. The head, body and the tree branch are the places most likely to show wear or rub.

The 1997 25 Yuan Small Date gold Panda is part of three NGC Registry sets: "Gold 1/4 Ounce Panda, 1983-Date, Mint State," "Gold 1/4 Ounce Panda, 1983-Date, Mint State (Incl. Varieties)" and "Gold 1/4 Ounce Panda, 1983-Date, Mint State and Proof."