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Last updated: August 15, 2026 · By White Metal Resources Editorial
Quick answer: The Silver Panda is a Chinese bullion coin issued by the People's Bank of China and struck since 1983 by the China Gold Coin Incorporation. Modern coins (2016 and later) weigh 30 grams at 99.9 percent silver fineness and hold about 0.963 troy ounces of silver.
Melt value equals the actual silver weight multiplied by the day's silver spot price. At an illustrative 30 dollars per troy ounce, a modern 30 gram Silver Panda holds about 28.91 dollars in silver. Early low mintage Pandas trade at strong collector premiums, well above melt.
Short on time? The essentials
- The Silver Panda is issued by the People's Bank of China and distributed by the China Gold Coin Incorporation (CGCI). Coins are struck at the Shanghai, Shenyang, and Shenzhen mints, with no mintmarks distinguishing origin.
- First year of issue was 1983. No Silver Pandas were struck in 1986 or 1988.
- The 1983 to 1985 proof coins held 27 grams at 90 percent silver fineness. The 1987 proof coin held 31.1 grams (1 troy ounce) at 92.5 percent sterling fineness.
- From 1989 forward, Silver Pandas have been struck in 99.9 percent silver.
- The reverse panda design changes every year, with one known exception: 2001 and 2002 share the same reverse design.
- The obverse shows the Hall of Prayer for Good Harvests in the Temple of Heaven complex in Beijing (built between 1406 and 1420).
- In 2016 the flagship coin switched from 1 troy ounce (about 31.1 grams) to 30 grams. Fineness and weight markings, which had been dropped in 2015, returned on the coin face.
- Modern flagship specs: 30 grams total mass, 40 mm diameter, 99.9 percent silver, 10 Yuan face value.
- Annual mintages grew from 10,000 in 1983 to 250,000 by 2001, to 6,000,000 in 2011, and to 10,000,000 from 2017 forward.
- Early low mintage Pandas trade well above melt. A perfect 1983 proof Panda was worth about 16,430 dollars as of 2020; a perfect large date 1991 bulk Panda was worth about 3,100 dollars.
- Modern 30 gram Silver Pandas clear the 99.9 percent silver fineness rule for a United States self-directed IRA. Custodian acceptance varies, so confirm the approved product list before purchase.
The Silver Panda is China's flagship silver bullion coin, struck every year since 1983 (except 1986 and 1988) and issued by the People's Bank of China. It is one of the few world bullion coins to change its reverse design every year, which has built a strong collector market around scarce dates. This page walks through its specifications, its four composition eras, and the arithmetic behind its melt value at any current silver price.
What the Silver Panda is, in one paragraph
The Silver Panda is a Chinese silver bullion coin issued as legal tender by the People's Bank of China. Coins are distributed by the China Gold Coin Incorporation (CGCI). They are struck at the Shanghai, Shenyang, and Shenzhen mints, without mintmarks that identify the striking mint.
Modern flagship pieces (2016 and later) weigh 30 grams at 99.9 percent silver fineness. The coin carries a 10 Yuan face value on the obverse (source: Chinese Silver Panda, Wikipedia summary of the People's Bank of China issue).
Modern flagship specifications, 2016 and later
Modern flagship Silver Pandas are struck at 99.9 percent silver fineness. The reference piece since 2016 is the 30 gram coin: 30 grams total mass, 40 mm diameter, about 2.6 mm thickness, and a 10 Yuan face value.
The series also covers larger sizes for collector buyers. A 150 gram coin carries a 50 Yuan face value at 70 mm diameter. A 1 kilogram coin carries a 300 Yuan face value at 100 mm diameter. A 12 troy ounce coin carries a 100 Yuan face value. Fractional sizes at 5 Yuan (1/2 troy ounce, 33 mm) and 3 Yuan (1/4 troy ounce, 25 mm) round out the series.
Before 2016, the flagship piece was struck at 1 troy ounce (about 31.1 grams) and the second largest at 5 troy ounces. Fineness has held at 99.9 percent since 1989. The metric change in 2016 is the only reason weight per coin dropped by about 1.1 grams for the flagship (source: Chinese Silver Panda, Wikipedia specifications table citing China Gold Coin Incorporation catalog values).
The 1983 launch and the People’s Bank of China story
The Silver Panda first appeared in 1983 as a 10 Yuan proof coin. It was struck by the mints of the People's Republic of China under the authority of the People's Bank of China. The China Gold Coin Incorporation (CGCI) has served as the official distributor since the series launch.
The coin has been minted almost every year since. Two exceptions stand out: no Silver Pandas were issued in 1986, and none in 1988. From 1989 onward, production has been continuous.
Total annual production grew slowly through the 1990s, then accelerated. The 1983 issue had a mintage of 10,000. By 2001, annual production reached 250,000. In 2011, the annual mintage jumped to 6,000,000. From 2017 forward, the annual mintage of the flagship bullion coin has held at 10,000,000 (source: Chinese Silver Panda, Wikipedia minting history table).
Four composition eras: 1983 to 1985, 1987, 1989 to 2015, 2016 forward
The Silver Panda has passed through four distinct composition eras. Anyone weighing an older coin against a modern reference spec should use the era spec for that year, not the current 30 gram figure.
The 1983 to 1985 proof Silver Pandas held 27 grams total mass at 90 percent silver fineness (0.900 fine), with a 38.6 mm diameter. Actual silver weight per coin was about 0.781 troy ounces. All three years had a mintage of only 10,000 per year.
The 1987 issue changed both mass and fineness. It was struck in proof quality at 1 troy ounce (about 31.1 grams) in sterling silver (0.925 fine), with a 40 mm diameter. The mintage was 30,000. This is the only year the coin was struck in sterling silver.
From 1989 forward, the Silver Panda has been struck in 99.9 percent silver (0.999 fine). The mass held at 1 troy ounce (about 31.1 grams) through 2015. In 2016 the mass moved to 30 grams. Fineness and weight markings, which had been dropped in 2015, returned to the coin face in 2016.
Obverse Temple of Heaven and the annual reverse panda
The obverse of the Silver Panda shows the Hall of Prayer for Good Harvests, located in the Temple of Heaven complex in Beijing. The Hall was built between 1406 and 1420. Chinese characters at the top read "中华人民共和国", meaning "People's Republic of China", and the year of issue appears at the bottom.
The reverse shows a portrait of a giant panda. The design changes every year, with one known exception: the 2001 and 2002 issues share the same reverse design. This annual design change is what has built a strong collector market around specific dates.
The edge of the coin carries diagonal reeding. This edge treatment was first introduced on the 2001 D (Domestic) Gold Panda and extended to other Chinese Panda coins in 2002. Coins struck before then have a slightly different edge finish.
The 2015 issue is a notable outlier. Weight and fineness markings, standard on every prior year, were left off the 2015 coin face. Both markings returned in 2016. A modern intake officer checking a 2015 coin looks at the design and the mint catalog rather than at the coin face for the specification.
The melt value math, priced at an example silver spot
Melt value is a computation, not a price quote. It equals the coin's actual silver weight in troy ounces multiplied by the silver spot price of the day. Actual silver weight per Silver Panda depends on the era: modern 30 gram coins hold about 0.963 troy ounces, and 31.1 gram coins from 1989 through 2015 hold about 0.999 troy ounces.
The chart below shows the illustrative melt value of one Silver Panda across the four composition eras, at four example silver spot prices per troy ounce. The example prices of 30, 40, 50, and 70 dollars are clean round numbers used for teaching. They are not quotes and not price forecasts.
The formal computation is straightforward. Take the coin's total mass in grams, multiply by the fineness, then divide by 31.1035 grams per troy ounce for the actual silver weight in troy ounces. Multiply by the day's silver spot price per troy ounce for the melt value in dollars.
Working example on a modern 30 gram Silver Panda at 30 dollars per troy ounce: 30 grams multiplied by 0.999 equals 29.97 grams of pure silver. Divide by 31.1035 grams per troy ounce for about 0.9635 troy ounces. Multiply by 30 dollars per ounce for a melt value of about 28.91 dollars per coin.
To reprice for a different day, substitute the live silver spot price for the 30 dollar example. The modern 30 gram coin holds about 3.7 percent less silver than the pre-2016 one troy ounce coin. So a modern coin's melt runs about 3.7 percent below what a same year 31.1 gram Panda would hold at the same spot.
Compute a specific coin with the melt calculator
To price a specific Silver Panda against the silver spot price of the day, use the calculator below. Enter the coin's total mass in grams (see the era table further down), the correct fineness for that year, then enter the live silver spot price per troy ounce. The result is the coin's melt value in dollars.
Precious metals melt value calculator
Melt value is what the pure metal in your piece is worth at today's spot price. Formula: weight in troy ounces times fineness (purity) times spot price per troy ounce. Enter your numbers below; nothing is sent anywhere.
Not sure what the current spot price is? See how the spot price is set and where to look it up.
Estimate only, not an offer to buy or sell. Melt value is the theoretical value of the pure metal content. Dealers typically pay a percentage of melt (often 60 to 95 percent depending on form, quantity, and buyer type). Conversion constants used: 1 troy ounce = 31.1035 grams; 1 pennyweight = 1.5552 grams; 1 avoirdupois ounce = 28.3495 grams. Spot price is entered by you; this tool never fetches live prices.
The calculator runs the same arithmetic every dealer's back-office system uses: weight in grams multiplied by fineness, converted to troy ounces at 31.1035 grams per troy ounce, priced against the silver spot input. It reports raw melt value, not any dealer spread. Real dealer buy quotes usually sit a few percentage points below melt to cover assay, sorting, shipping, and margin.
Silver Panda by era, size, fineness, and mintage range
The table below lists the four composition eras of the flagship Silver Panda with their key specs and typical annual mintage range. Actual silver weight per coin is computed at 31.1035 grams per troy ounce from stated total mass and fineness.
| Era | Total mass | Fineness | Actual silver weight per coin | Typical annual mintage range |
|---|---|---|---|---|
| 1983 to 1985 (proof) | 27 grams | 0.900 fine (90 percent) | about 0.781 troy ounces (24.3 grams) | 10,000 per year |
| 1987 (proof) | 31.1 grams (1 troy oz) | 0.925 sterling (92.5 percent) | about 0.925 troy ounces (28.77 grams) | 30,000 total |
| 1989 to 2015 (bulk) | 31.1 grams (1 troy oz) | 0.999 fine (99.9 percent) | about 0.999 troy ounces (31.07 grams) | 100,000 to 8,000,000 per year |
| 2016 and later (bulk) | 30 grams | 0.999 fine (99.9 percent) | about 0.963 troy ounces (29.97 grams) | 8,000,000 to 10,000,000 per year |
Sources: Chinese Silver Panda, Wikipedia specifications and minting history tables citing China Gold Coin Incorporation catalog values and Krause Standard Catalog of World Coins (checked August 2026); actual silver weight computed at 31.1035 grams per troy ounce from stated total mass and fineness.
Mintage growth from 10,000 in 1983 to 10,000,000 today
Silver Panda annual mintages grew by roughly three orders of magnitude across the series. The 1983 to 1985 proof issues were struck at 10,000 per year. By 2001, the annual mintage of the bulk one troy ounce coin was 250,000. The 2011 issue jumped to 6,000,000. From 2017 forward, the annual bulk mintage has held at 10,000,000.
The table below shows selected annual mintages of the flagship one troy ounce (or, from 2016, 30 gram) bulk Silver Panda. All numbers are for the standard bulk strike, not for proof, colorized, or commemorative issues.
| Year | Bulk mintage | Context |
|---|---|---|
| 1983 | 10,000 | First year of issue, proof only. |
| 1989 | 255,000 | First year of the 999 fine bulk strike. |
| 1991 | 100,000 | Large date variety trades at strong premium today. |
| 1996 | 120,000 | Multiple date size varieties. |
| 2001 | 250,000 | First year of diagonal reeding on the D (Domestic) issue. |
| 2003 | 600,000 | Mintage roughly doubled from 2001. |
| 2010 | 800,000 | Steady growth after the 2008 financial crisis. |
| 2011 | 6,000,000 | Large jump; still 1 troy ounce at 999 fine. |
| 2012 to 2015 | 8,000,000 | Held steady for four years. |
| 2016 | 8,000,000 | First year of the 30 gram metric coin. |
| 2017 to 2019 | 10,000,000 | Current standard bulk mintage. |
Source: Chinese Silver Panda, Wikipedia minting history table citing China Gold Coin Incorporation catalog values (checked August 2026). Numbers apply to bulk uncirculated strikes only, not proof or commemorative issues.
Modern 10 million per year mintages put the Silver Panda in the same order of magnitude as the Silver Canadian Maple Leaf (roughly 15 to 30 million per year). The Silver American Eagle runs higher, roughly 20 to 46 million per year. Modern common date bulk Pandas trade at premiums broadly in line with those two peers, not at multiples of melt.
Early year premiums and the collector market
The Silver Panda supports two very different price tiers. Modern bulk coins trade at a modest premium over their melt value, like any high mintage sovereign silver bullion coin. Early low mintage coins (1983 to 2000, roughly) trade at strong collector premiums, often at multiples of melt.
The gap follows the mintage numbers directly. Where 1983 saw a mintage of only 10,000 and the annual design changed the next year, a 1983 proof Panda in top condition became a scarce coin the day it was issued. As of 2020, a perfect 1983 proof Panda was valued at about 16,430 dollars. A perfect large date 1991 bulk Panda was valued at about 3,100 dollars (source: Chinese Silver Panda, Wikipedia summary of 10 Yuan Price Guide values).
Those figures are for perfect grade specimens with third party grading service documentation. Typical circulated or lower grade early Pandas trade at a fraction of the top price, but still well above the coin's silver content value. The value is in the mintage and the grade, not in the metal.
Modern bulk Silver Pandas (2016 and later, 30 gram at 999 fine) trade close to bullion. Dealers typically quote the per coin premium as a percentage of spot, in a range comparable to Canadian Silver Maple Leaves.
Any dealer pitching a current year bulk Panda at multiples of melt is running a script the underlying market does not support. The Federal Trade Commission has published general consumer guidance on inflated pricing in bullion sales for United States buyers (source: Federal Trade Commission, Consumer Advice on investing in bullion and bullion coins).
The IRA fineness question for the Silver Panda
Silver held inside a United States self-directed IRA must be at least 99.9 percent fine under 26 U.S.C. Section 408(m)(3)(B). Modern Silver Pandas (1989 onward, at 0.999 fine) meet this test. Pre-1989 Silver Pandas (1983 to 1985 at 0.900 fine, and 1987 at 0.925 sterling) do not clear the statutory floor at any price.
Custodian acceptance in practice can lag the statute. Some self-directed IRA custodians only accept a narrow set of silver coins on an internal approved list, and the Silver Panda sits on the edge of that list at several major precious metals custodians. Silver American Eagles, Silver Canadian Maples, and Silver British Britannias face the least friction at intake.
A separate risk applies to older dated coins. A coin sold at a graded collector price rather than at bullion plus a small dealer premium can be treated as a collectible under Section 408(m). Retirement account use is a separate topic with its own custodian, depository, and tax rules, covered in our Chinese Silver Panda IRA guide.
This page addresses the coin as a physical asset held outside a retirement account, which is how most Silver Pandas are actually bought and sold.
A five step check on a Silver Panda in hand
The steps below turn the specifications above into a repeatable check for a single coin. Follow the same five steps on every Silver Panda in a lot and no piece will be mispriced against melt.
- Read the date and identify the composition era. Silver Pandas dated 1983 to 1985 are 27 grams at 0.900 fine. The 1987 coin is 31.1 grams at 0.925 sterling. Coins dated 1989 through 2015 are 31.1 grams at 0.999 fine. Coins dated 2016 or later are 30 grams at 0.999 fine. No coins are dated 1986 or 1988.
- Weigh the coin on a 0.01 gram scale. Compare the reading to the reference mass for the era: 27 grams for 1983 to 1985, 31.1 grams for 1987 through 2015, or 30 grams for 2016 and later. A significant deviation, more than about 0.15 grams either way, is a red flag that warrants a specialist verification.
- Apply a magnet test. Pure silver is not magnetic. Any Silver Panda that a common household magnet sticks to is not authentic. This test rules out iron core and steel core counterfeits at zero cost.
- Check the design against a reference photograph. The obverse must show the Hall of Prayer for Good Harvests with the Chinese characters "中华人民共和国" at the top and the year at the bottom. The reverse must match the panda design for that specific year in a reputable catalog. A blurred, misaligned, or off color design is a red flag on any bullion coin.
- Compute the silver content and the illustrative melt. Multiply the era total mass by the era fineness for pure silver grams. Divide by 31.1035 to get troy ounces. Multiply by the live silver spot price per troy ounce for the coin's melt value in dollars.
The five steps take under a minute per coin once the scale and magnet are on the workbench. Anyone buying more than a handful of Silver Pandas at a time should also request the dealer's bullion verification service or a paid grading from a major third party grading company.
A worked example on a 100 coin lot of 30 gram Pandas
Modern Silver Pandas ship from the China Gold Coin Incorporation in tubes and larger cases. The math below runs on a 100 coin lot of current year 30 gram bulk Silver Pandas, priced against an illustrative silver spot.
Picture an inheritor who finds a case of 100 modern 30 gram Silver Pandas, all dated 2018, in a parent's safe. The coins are stored in their original mint tubes, in good bulk condition.
- Silver content per coin, 2018 Silver Panda at 30 grams total and 0.999 fine: about 0.9635 troy ounces of silver.
- Silver content of the 100 coin lot: 0.9635 multiplied by 100 coins equals about 96.35 troy ounces of silver.
- Illustrative silver spot price for the example: 30 dollars per troy ounce.
- Illustrative melt value of the lot: 96.35 troy ounces multiplied by 30 dollars per ounce equals about 2,890.50 dollars in silver content.
- Illustrative sell value at a modest premium over melt, assuming a dealer pays roughly melt plus 2 dollars per coin on a common date bulk lot: 2,890.50 plus (100 multiplied by 2 dollars) equals 3,090.50 dollars. Real per coin premiums for modern bulk Silver Pandas vary by dealer, year, and silver spot price.
Substitute a different spot price to reprice the lot. At 25 dollars per ounce the melt is about 2,408.75 dollars. At 40 dollars per ounce the melt is about 3,854.00 dollars. At 50 dollars per ounce the melt is about 4,817.50 dollars.
Figures are illustrative, not quotes from any specific dealer, and not predictions of future silver prices. Spot prices are examples, not forecasts. This is not tax or investment advice. Consult a licensed advisor for personal decisions.
A lot of 100 early low mintage Silver Pandas would price very differently. A single 1991 large date Panda in top grade has traded at about 3,100 dollars per coin, over 100 times what a modern bulk 30 gram coin holds in silver at 30 dollar spot. Early Pandas trade on grade and scarcity, not on melt.
Limits and caveats to keep in mind
Every melt figure on this page is a computation from a stated silver spot price, not a quote from a dealer and not a forecast. Silver prices move continuously during market hours. Any dollar figure here uses illustrative spot prices of 25, 30, 40, 50, or 70 dollars per troy ounce. Those are clean round numbers used for teaching, not market predictions.
Dealer buy prices sit below melt by design. Any commercial buyer needs a spread on the transaction to cover assay, sorting, shipping, insurance, and margin. A single tube walk-in usually sees a wider spread than a sealed case sold on a shipped order. Sellers should call two or three bullion dealers and compare quotes on the same day, then decide whether the spread justifies the sale.
Collector and premium values on early low mintage Silver Pandas are qualitative on this page, with only two specific documented top price data points. Real market prices for specific dates, grades, and finishes depend on published price guides and completed auction sales. Anyone selling a low mintage proof or large date example should check current listings against completed sales on major public marketplaces before quoting a premium.
The 2015 issue is a specification outlier. Weight and fineness markings are missing from the coin face. A verification by weighing against the era reference mass, plus a magnet test, plus a reference catalog design check, is the recommended workflow on any 2015 coin. Both markings returned in 2016.
Coins struck for domestic sale within China (marked D on some Gold Panda years) may not appear in every third party catalog aimed at the international market. Anyone buying a coin marked D should verify the year, the mintage, and the mint source before treating the piece as a standard bulk issue.
Silver Panda questions, answered
How much silver is in a modern Silver Panda?
A modern 30 gram Silver Panda (2016 or later) holds about 0.963 troy ounces of pure silver. That is computed from a total mass of 30 grams at 99.9 percent silver fineness, divided by 31.1035 grams per troy ounce. A pre-2016 one troy ounce Silver Panda (1989 through 2015) at 31.1 grams and 999 fine holds about 0.999 troy ounces of silver.
What is a Silver Panda worth today?
The melt value equals the silver content multiplied by the day's spot silver price. At an illustrative 30 dollars per troy ounce, a modern 30 gram Silver Panda holds about 28.91 dollars in silver, and a pre-2016 one troy ounce coin holds about 29.97 dollars. Substitute the current spot price to reprice. Early low mintage dates in top grade trade well above melt at collector prices.
Why did the Silver Panda change from 1 troy ounce to 30 grams in 2016?
The China Gold Coin Incorporation moved the Silver Panda to metric sizes in 2016. The flagship 1 troy ounce coin became a 30 gram coin, and the second largest 5 troy ounce coin became a 150 gram coin. Weight and fineness markings, which had been dropped in 2015, returned to the coin face in 2016. This is the only mass change to the flagship coin since 1989.
What is the difference between the 1983 to 1985 Pandas and later coins?
The 1983 to 1985 proof Silver Pandas held 27 grams at 0.900 fine (90 percent silver), not the modern 999 fineness. They were struck only in proof quality, with a mintage of 10,000 per year. From 1989 onward, Silver Pandas have been struck at 99.9 percent silver. Because of their low mintage and design scarcity, early Pandas trade at strong collector premiums today.
Which years share the same reverse design?
The 2001 and 2002 Silver Pandas share the same reverse panda design. Every other year in the series carries a unique reverse. This is the one documented exception to the annual design change rule that has run since 1983.
Is the Silver Panda IRA eligible?
Modern Silver Pandas (1989 and later, at 999 fine) meet the 99.9 percent silver fineness rule for a United States self-directed IRA under 26 U.S.C. Section 408(m)(3)(B). Pre-1989 Silver Pandas at 0.900 or 0.925 fine do not qualify. Custodian acceptance varies in practice, so confirm the specific custodian's approved product list before purchase.
Do Silver Pandas have mintmarks that identify the striking mint?
No. Silver Pandas are struck at the Shanghai, Shenyang, and Shenzhen mints, but the coins do not carry mintmarks that identify origin. In certain years, minor design variations (such as date size or temple detail) can help specialists identify the striking mint. For most bulk buyers this distinction does not affect melt value.
Are Silver Pandas legal tender in the United States?
No. Silver Pandas are legal tender in China at their face value in Yuan, not in the United States. American holders can sell a Silver Panda to a bullion dealer, a coin shop, or an online buyer at its silver content value plus any collector premium. The coin has no monetary status in ordinary American commerce and would not be accepted at a United States retail counter.
Sources
- Chinese Silver Panda, Wikipedia summary of the Chinese silver bullion coin series, including People's Bank of China issue, China Gold Coin Incorporation distribution, specifications table, and minting history table. Checked August 2026.
- Temple of Heaven, Wikipedia reference for the Hall of Prayer for Good Harvests obverse design (built between 1406 and 1420). Checked August 2026.
- Cornell Legal Information Institute, 26 U.S.C. Section 408 (fineness rules for gold and silver held in a United States self-directed IRA). Checked August 2026.
- Federal Trade Commission, Consumer Advice on investing in bullion and bullion coins (inflated pricing red flags for US buyers). Checked August 2026.
- London Bullion Market Association, Good Delivery standards for gold and silver bars (industry reference for the 99.9 percent silver fineness convention). Checked August 2026.
