Panda bears From China have attracted much attention since their arrival In 1972 at the National ZOO In Washington. But Gold coins bearing panda gold coins are expected to be more fruitful than Washington’s Hsing-Hsing and Ling-ling, who have been unable to reproduce In captivity
PandaAmeria Corp, In Palos Verdes Estates, Calif. is one of three companies marketing the one-tenth-ounce, Quarter ounce, half-ounce and l-ounce gold coins issued by China Mint Co. in China
“The new coins are minted in fractional sizes to make them more attractive to the jewelry industry. That’s where most of the excitement about the coins is coming from,” said Martin Weiss, director of PandaAmerica.
Peter Ronis, a gold trader at Deak-Perera Washington Inc. a precious-metals trading company, is convinced that panda coins will compete in the marketplace with other collectible gold coins, such as the South African Krugerrand, the Mexican Peso, the Canadian Maple Leaf, and the Austrian Corona.
“But the Krugerrand has been on the market since 1967, so it will take a while for these coins to gain significant market share,” Weiss said.
“Since they are being issued near the end of the year, there won’t be so many available. While we don’t know what size they will come in, we know the company in China is only 30,000 troy ounces. Krugerrands minted in 1982 utilized 3 million troy ounces,” Weiss said.
China has been minting gold coins since 1974. Each year the number in circulation fluctuates. The panda coins are the first Chinese coins to be offered in the United States. The coins which are 90 percent gold are issued as commemorative coins but used as legal tender.