1985 One-Yuan Panda Commemorative Copper Coin made by the Shanghai Mint in a green paper clip
The 1985 One-Yuan Proof Panda Commemorative Copper Coin is one of the rarest new Chinese coins, and it is also one of the most valuable and legendary varieties of panda commemorative coins. The authenticity of this coin was questioned by the collectors when it first appeared, as it was not documented in any issuance announcement or official catalog. A coin of this kind presented as a souvenir without formal circulation has been appreciated by about 250,000 times (NGC PF68, realizing $30,000 at the Heritage Auction in December 2022) after 37 years. Another 1985 Panda Commemorative Copper Coin graded NGC PF69 was sold for 500,000 yuan at an auction in the mainland in 2022. The following is a report of my tracking and research on this coin over the past 20-plus years.
Published by the Encyclopedia of China Publishing House in October 2000, the Complete Catalog of Modern Chinese Gold and Silver Coins (《中國現代金銀紀念幣大全》), with detailed information and exquisite pictures, is a tool for many gold and silver coin enthusiasts, and its authority is indisputable. However, when compared with the Illustrated Catalog of Precious Metal Coins of the People's Republic of China (1979-1985) (《中華人民共和國貴金屬紀念幣圖錄》) published by Southwestern University of Finance and Economics Press, it is found that among the pictures of panda commemorative coins of 1985, the Illustrated Catalog records 5 gold coins, 1 silver coin, and 1 copper coin, while the Complete Catalog records 5 gold coins and 1 silver coin, without copper coin.
In addition to the Complete Catalog of Modern Chinese Gold and Silver Coins, the record of the Panda Commemorative Copper Coins from 1983 to 1985 in various official catalogs is as follows:
The first volume of the Catalogue of Modern Chinese Gold and Silver Commemorative Coins and Medals (《中國現代金銀紀念幣章圖錄》) published in 1988: only 1983 and 1984 commemorative copper coins are recorded, with no record of the 1985 coin;
The Chinese Panda Copper Coin Chapter in the Chinese Panda Gold and Silver Coin Catalogue (《中國熊貓金銀幣圖錄》) published in 1991: only 1983 and 1984 Panda Commemorative Copper Coins are recorded;
The Chinese Modern Commemorative Coins and Medals (《中国现代纪念币附纪念章》) published in 1991: only 1983 and 1984 Panda Commemorative Copper Coins are recorded;
A Catalogue of the Currencies of the People's Republic of China (《中華人民共和國貨幣圖錄》) published in 1993: only 1983 and 1984 Panda Commemorative Copper Coins are recorded;
The Complete Book of Modern Chinese Gold and Silver Coins (《中国现代金银币大全》) published in 2000: only 1983 and 1984 Panda Commemorative Copper Coins are recorded;
The Illustrated Catalog of Precious Metal Coins of the People's Republic of China published in 2006: it documents the images and specifications of the 1985 Panda Commemorative Copper Coin, as well as the mintage of the proof copper coin, that is, 1,000 pieces;
The part about China in the Krause Standard Catalog of World Coins 1901-2000 published in 2009: only 1983 and 1984 Panda Commemorative Copper Coins are recorded;
It was not until 2006 that the Illustrated Catalog of Precious Metal Coins of the People's Republic of China began to officially document the 1985 Panda Commemorative Copper Coin. The following is what I know about this copper coin.
The 1985 One-Yuan Panda Commemorative Copper Coin was hard to find on the market over the years so that many coin collectors only know about the 1983 and 1984 copper coins. I have heard from the “the King of Chinese Panda Coins” (collector Mr. Yuan Xiong 袁雄) mentioned in 2003 that there is a third “copper panda”. However, I had never seen one before, so I could not be sure of its existence.
Around 2003, a small number of 1985 Panda Commemorative Copper Coins appeared in the market, and only occasionally 1 piece came out from time to time. I saw some without covers or in poor condition, but there are also some with the original green paper clip from the Shanghai Mint of the China Mint Company. At that time, the coin in the worst condition was about 6000 yuan, while the perfect condition could be sold at 12 000 yuan, which shows the great influence of the condition on the price of the coin.
In 2005, during the preparatory stage of the Illustrated Catalog of Precious Metal Coins of the People's Republic of China, I was invited to participate in the symposium on editing and publishing, and I submitted a list of disputed coins to the China Gold Coin Corporation, requesting that they should be examined one by one, which included the 1985 Panda Commemorative Copper Coin. Through the assistance of various parties, it was confirmed that the Shanghai Mint did produce this copper coin with a mintage of 1,000, and the Illustrated Catalog was able to “recover” the missing panda coin absent from the Complete Catalog of Modern Chinese Gold and Silver Coins!
After an in-depth study, China Gold Coin Corporation found that there was no plan to issue the 1985 Panda Commemorative Copper Coin. In May 1985, in order to celebrate the cooperation between the Shanghai Mint and the Canadian Sherritt Company for the introduction of production equipment, the Shanghai Mint struck a small number of 1985 Panda Commemorative Copper Coins after modifying the 1984 coin dies and presented them to Canadian guests. The rest of the coins were used as gifts to the leaders of the Shanghai Mint as gifts when visiting Japan and the British Mint. Only 50 coins were minted.
Due to the scarcity of this coin and the lack of official records, it is not recorded in the U.S. Krause Catalog of World Coins (1901-2000). When I sent it to NGC for grading, it was returned by NGC. To this end, I submitted the coin to NGC again via the Mr. Robert of the US together with the verification letter from China Gold Coin Corporation about this coin, Mr. Huang Ruiyong's auction records, and the picture of the coin. Through great efforts, NGC finally agreed to certify the 1985 Panda Commemorative Copper Coin in the future.
Looking back on this experience, I feel that the China Gold Coin Corporation has paid sufficient attention and concern to the study of these controversial coins by sending its staff to assist in the investigation and verification. The conscientious attitude will be of great benefit to the restoration and recording of the information on modern gold and silver coins!
In addition, the 1994 and 1995 platinum 1/20-ounce small panda coins were not commonly seen on the market and were once suspected not to have been issued. After contacting the China Gold Coin Corporation, I verified that these two small platinum panda coins did have a production record, but they were minted by the Australian Mint with platinum purchased locally. Some of these coins were designed into necklaces to be sold, so it is no wonder that platinum coins are rare! Later, I specially collected a platinum panda necklace as a souvenir.
As for the 1983 and 1984 proof Panda Commemorative Copper Coins, the Panda American Company gifted them to those who purchased gold and silver panda coins, so the customers did not purchase them specially. Their retail price was very cheap at 1 dollar. Its packaging is very interesting, that is, the copper coins were encapsulated in a postcard with panda patterns. Black card packages were also available in Europe, and most are in good condition.