The Silver Panda is a .999 fine silver bullion coin issued by the People's Republic of China, struck at Chinese state mints since 1983. Unlike most sovereign-mint bullion, the Panda features a new design every year — a detail that gives it a collector dimension most bullion coins lack. BullionMetric tracks live pricing across 4 US dealers carrying Silver Panda listings. Premiums here run significantly higher than on comparable sovereign-mint silver. The table below sorts by premium over spot, not sticker price.
Live Category Premiums
Silver Panda Prices & Premiums — Live Comparison Across 6 US Dealers
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Apmex at 43.74% over spot
2016 30 gram chinese silver panda bu (in capsule)
| Product | Metal | Dealer | Price | Premium % | $/oz over spot |
|---|---|---|---|---|---|
2023 30 gram chinese silver panda - glowing galaxy0.9645 oz | Silver | Hero Bullion | $64.00 | +10.86% | +$6.21 |
2021 30 gram chinese silver panda coin (bu in capsule)0.9645 oz | Silver | Hero Bullion | $66.05 | +14.41% | +$8.26 |
30 gram chinese silver panda in capsule random year0.9645 oz | Silver | BGASC | $68.52 | +18.69% | +$10.13 |
2023 four seasons 30 gram chinese silver panda - autumn0.9645 oz | Silver | Hero Bullion | $69.00 | +19.52% | +$11.21 |
2023 four seasons 30 gram chinese silver panda - spring0.9645 oz | Silver | Hero Bullion | $69.00 | +19.52% | +$11.21 |
2015 1 oz chinese silver panda bu (in capsule)1 oz | Silver | BGASC | $75.81 | +26.66% | +$15.27 |
2013 1 oz chinese silver panda coin (bu in capsule)1 oz | Silver | Hero Bullion | $76.19 | +27.29% | +$16.27 |
2017 30 gram chinese silver panda bu (in capsule)0.9645 oz | Silver | BGASC | $74.36 | +28.81% | +$15.97 |
2022 30 gram chinese silver panda - glowing galaxy0.9645 oz | Silver | Hero Bullion | $79.00 | +36.85% | +$21.21 |
2023 four seasons 30 gram chinese silver panda - summer0.9645 oz | Silver | Hero Bullion | $79.00 | +36.85% | +$21.21 |
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What is a Silver Panda?
The Silver Panda is a bullion coin issued by the People's Republic of China, first struck as a proof coin in 1983 by the China Gold Coin Incorporation (CGCI) across several state mints including the Shanghai Mint and Shenzhen Guobao Mint. BU (Brilliant Uncirculated) production began in 1989. The coin carries a face value of 10 Yuan — purely nominal relative to its metal content.
What sets the Panda apart from most bullion coins is its annually changing reverse design. While the Maple Leaf, Eagle, Britannia, and Krugerrand reuse the same design year after year, the Silver Panda features a new panda motif each issue. The obverse remains constant: the Hall of Prayer for Good Harvests at Beijing's Temple of Heaven. This annual design change gives the Panda a collector dimension that most bullion coins deliberately avoid — and it directly affects how premiums, liquidity, and the "random year" concept work for this coin compared to its peers.
What Silver Panda variants exist?
BullionMetric currently tracks 35 distinct Silver Panda products across 4 dealers, with 19 in stock. This is a significantly thinner catalog than most Tier A categories — Silver Maple Leafs have 50+ products across 10+ dealers, and Gold Maple Leafs have 243 across 10. The narrow US Panda market is a genuine feature of this coin category, not a gap in BullionMetric's coverage.
The tracked products break into several groups:
Random-year coins (the standard comparison unit). Three random-year listings exist in the current catalog. APMEX carries both a "30 gram Chinese Silver Panda Random Year BU" (product 12599, 0.9645 oz, $78.67, 20.46% over spot) and a "1 oz Chinese Silver Panda Coin Random Year" (product 11051, 1.0000 oz, $82.67, 22.09% over spot). Provident Metals shares the same 1 oz random-year product at $81.11 (19.99% over spot). JM Bullion also carries the 1 oz random-year product but is currently out of stock. These are the cheapest entry points into Silver Pandas.
"Random year" means the dealer picks the production year — and because each year has a unique panda design, you do not control which design you receive. Some buyers care about that; many stackers buying for weight do not.
The 1 oz vs. 30g random-year distinction matters. APMEX's 30g random-year listing has the lowest sticker price ($78.67) but a slightly higher premium over spot (20.46%) than Provident's 1 oz listing ($81.11, 19.99%). The 30g coin contains roughly 3.55% less silver — the premium-over-spot metric accounts for this difference, so it is the correct comparison figure. Buyers paying attention to silver content per dollar should compare premium percentages, not sticker prices, when the weight differs.
Year-specific 1 oz coins (pre-2016). APMEX carries individual listings for the 2001, 2002, 2006, 2010, 2011, 2012, 2013, 2014, and 2015 Silver Pandas. These are all 1 troy ounce, .999 fine. Premiums vary dramatically by year — the 2014 lists at 30.94% over spot, while the 2006 and 2010 both list at roughly 181% over spot. The variation reflects year-specific collector demand and surviving supply, not differences in silver content.
Year-specific 30g coins (2016+). APMEX and JM Bullion list 30-gram Pandas from 2016 through 2025. These contain 0.9645 troy ounces of silver. Current premiums on in-stock 30g coins range from 36.71% (2016, APMEX) to 71.85% (2017, APMEX). The 2017 is notably expensive — this is one of the more popular panda designs in the recent series.
Graded coins. APMEX lists a 2013 MS-70 NGC and a 2011 MS-69 PCGS Silver Panda. These are numismatic products, not bullion — premiums above 150% reflect the grading and certification, not the silver.
Special editions and sets. Hero Bullion tracks "Four Seasons" variants and a "Glowing Galaxy" edition (all currently out of stock). JM Bullion lists a 2024 and 2025 "Day and Night" two-coin set (500 mintage, also out of stock). These are limited-edition collectibles that happen to use the Panda design as a platform.
Kilo proof. JM Bullion lists a 2023 1 kilo proof Silver Panda at $2,826.64 (30.33% over spot) — currently out of stock. This is the largest Silver Panda format tracked in the catalog and is a numismatic/proof product, not a standard bullion coin.
Two-coin sets. JM Bullion lists two "Day and Night" sets at 1.9290 oz combined weight (two 30g coins). Both are currently out of stock. Per-ounce premiums on these sets run 35–84% over spot — steep even by Panda standards.
How Silver Panda premiums are set
The spot-plus-premium math
Every Silver Panda listing on BullionMetric shows a premium over spot — the percentage above the current silver spot price that a dealer charges. A coin listed at $81.11 when silver spot is approximately $68/oz carries a 19.99% premium, meaning roughly $13 per coin goes to minting costs, dealer margins, import logistics, and the markup chain. That percentage is the apples-to-apples comparison metric; sticker prices vary with spot movement throughout the day.
Why Silver Panda premiums run higher than other sovereign-mint silver
Silver Panda premiums are structurally the highest in BullionMetric's Tier A sovereign-mint set, and the gap is not small. At 20%+ for a random-year coin, the Panda sits roughly double the premium floor of a Silver Maple Leaf or Silver Eagle. Several factors drive this:
Import logistics. Chinese state mints do not have the direct US dealer distribution channels that the Royal Canadian Mint, US Mint, or Royal Mint maintain. US dealers importing Pandas absorb freight, customs, and intermediary costs that domestic-mint coins avoid entirely.
Thin US dealer coverage. BullionMetric tracks only 4 dealers carrying Pandas, compared to 7+ for Britannias and 10+ for Maple Leafs. Less competition among sellers means less downward pressure on premiums.
Collector premium embedded in bullion pricing. The annual design change means every Silver Panda year is, in some sense, a distinct collectible. Dealers price accordingly — even "random year" coins carry a premium floor that reflects the design-value component, not just metal content. This makes the Panda an unusual hybrid: it trades as bullion but prices like a semi-numismatic product.
Counterfeiting risk premium. Chinese Pandas are among the most counterfeited bullion coins globally. Reputable US dealers invest in authentication, sourcing from verified supply chains, and (increasingly) third-party grading — costs that are passed to buyers in the premium.
Silver Pandas 30-day median premium trend
Median in-stock premium across tracked dealers, filtered to 0-100% over spot.
Which dealer is cheapest for Silver Panda?
Over the last 29 tracked days with in-stock random-year inventory, the lowest-premium spot has rotated across three dealers:
| Dealer | Days Lowest | Share |
|---|---|---|
| Provident Metals | 12 | 41% |
| APMEX | 9 | 31% |
| Money Metals Exchange | 8 | 28% |
This is a genuinely competitive three-way split — no single dealer dominates the way SD Bullion does for Britannias or Bullion Exchanges does for Gold Maple Leafs. The comparison includes all random-year Silver Panda products (1 oz and 30g) across all dealers with in-stock inventory on a given day.
The availability caveat. In-stock reliability across the Silver Panda category is low by BullionMetric standards:
| Dealer | 30-Day In-Stock Rate | Total Observations |
|---|---|---|
| Money Metals Exchange | 59.1% | 44 |
| APMEX | 12.4% | 3,153 |
| Provident Metals | 3.8% | 892 |
| JM Bullion | 2.4% | 124 |
| SD Bullion | 0% | 78 |
| Hero Bullion | 0% | 117 |
Money Metals Exchange has the highest in-stock rate at 59%, but their Panda products are not yet appearing in the live comparison view — a recently corrected data issue (see below) needs one more scraper cycle before their listings surface with computed premiums. APMEX has the next-highest availability (12.4%) and carries both random-year and year-specific inventory. Provident and JM Bullion carry the random-year product at the lowest premiums but with sporadic availability — JM Bullion's entire Panda catalog is currently out of stock. This is a category where checking back frequently or setting a price alert matters more than on most coins.
Money Metals Exchange: incoming. Money Metals tracks two Silver Panda products — a 1 oz random year (product 11044, correct weight) and a 30g random year (product 12600, weight corrected September 3). Product 11044 contributed to the days-lowest analysis above (8 of 29 winning days) during periods when it was in stock. Product 12600 has the highest in-stock rate of any Panda product in the database (59%) but needs a fresh scraper observation to compute its premium and appear in the live comparison. Once that cycle completes, Money Metals will appear as a fifth active dealer in the view — and given their 59% availability rate, they may become the most reliably stocked Panda dealer tracked.
| Dealer | 30d median premium | Days lowest | In-stock listings |
|---|---|---|---|
| SD Bullion | 12.84% | 4 | 0 |
| BGASC | 16.94% | 2 | 0 |
| Provident Metals | 21.24% | 4 | 0 |
| JM Bullion | 22.68% | 0 | 0 |
| Apmex | 56.37% | 14 | 1 |
| Money Metals Exchange | 75.05% | 0 | 1 |
Silver Pandas 30-day median premium by dealer
Dealers ranked by median in-stock category premium over the last 30 days.
Silver Panda weight and silver content
The Silver Panda's specification history has one critical inflection point: the 2016 weight change from troy ounces to metric grams. This is not a rounding change — the post-2015 coin contains approximately 3.55% less silver than the pre-2016 coin.
Why this matters for price comparison. A dealer listing a "Silver Panda" at $80 could be selling either a full troy ounce or a 30-gram coin with 3.55% less silver. BullionMetric calculates premiums using the correct weight for each product — pre-2016 coins are computed against 1.0000 troy ounces and 2016+ coins against 0.9645 troy ounces. This is why we show premium-over-spot rather than sticker price as the primary comparison metric. When comparing a 1 oz pre-2016 Panda to a 30g 2016+ Panda, the sticker price alone is misleading without accounting for the silver-content difference.
How this compares to peers. No other major sovereign-mint bullion coin in BullionMetric's Tier A set has changed its standard weight. American Silver Eagles, Canadian Maple Leafs, Silver Britannias, and Silver Libertads have all maintained 1 troy ounce as their standard. The Panda's switch to metric units was a deliberate decision by the China Gold Coin Incorporation to align with the metric system used domestically — a rational choice for a Chinese product, but one that creates a permanent comparability wrinkle for US buyers accustomed to troy-ounce denominations.
| Coin | Years | Silver purity | Series | Silver content (troy oz) |
|---|---|---|---|---|
| 1 oz BU | 1983–2015 (Pre-2016) | .999 | Silver Panda | Gross weight 31.1035 g (1.000 troy oz); pure silver 31.072 g (0.999 troy oz); diameter 40 mm; face value 10 Yuan |
| 30g BU | 2016–present | .999 | Silver Panda | Gross weight 30.000 g (0.9645 troy oz); pure silver 29.970 g (0.9635 troy oz); diameter 40 mm; face value 10 Yuan |
Where to buy Silver Panda (and what to look for)
Buying from a reputable dealer matters more here
Chinese Silver Pandas have a well-documented counterfeiting problem — more so than most Western sovereign-mint bullion coins. Counterfeit Pandas have been identified by NGC, PCGS, and dealers in both circulated and allegedly BU condition, with fakes ranging from obviously wrong (copper-nickel instead of silver, incorrect edge reeding) to sophisticated enough to require professional authentication. This is not a reason to avoid Pandas, but it is a reason to buy from established, reputable dealers rather than eBay sellers, secondary markets, or unfamiliar online sources. Every dealer tracked by BullionMetric sources from verified supply chains and guarantees authenticity — that guarantee is part of what the premium pays for.
Random year vs. year-specific
Random-year coins are the lowest-premium entry point (currently 20–21% over spot at Provident and JM Bullion). The tradeoff: you do not choose which design year you receive. For most bullion coins, this is trivial — a 2019 Maple Leaf and a 2023 Maple Leaf look nearly identical. For Pandas, it is a real distinction. Every year features a different panda design, and some designs are more popular than others. If a specific design matters to you, buy year-dated — and expect to pay a higher premium for that specificity. If you are stacking silver by weight and the design is secondary, random year is the straightforward choice.
BU vs. graded
Standard BU (Brilliant Uncirculated) coins in the original mint capsule are the bullion buyer's product. Graded coins (MS-69, MS-70 from PCGS or NGC) carry premiums that reflect certification, population rarity within that grade, and collector demand — not silver content. The graded Pandas in BullionMetric's data list at 157–172% over spot. These are collecting products, not stacking products.
Pre-2016 vs. 2016+
If maximizing silver per dollar is the priority, a pre-2016 (1 troy oz) Panda contains roughly 3.55% more silver than a 2016+ (30g) Panda. However, random-year listings may ship either era — confirm with the dealer if the weight distinction matters to you. The premium calculation on BullionMetric accounts for the weight difference, so the displayed premium-over-spot is accurate regardless of which era the product represents.
How BullionMetric tracks Silver Panda premiums
BullionMetric pulls pricing data from 6 dealers tracking Silver Panda products, with 4 currently active in the live comparison view (expanding as data-quality corrections propagate). Premiums are calculated against live silver spot and displayed as a percentage over spot, not as a static sticker price. For methodology details, see How We Track Premiums.
Related categories
Silver Panda buyers should compare adjacent sovereign-mint silver categories on premium, liquidity, and dealer coverage:
- Silver Maple Leaf
Canada's official silver bullion coin, .9999 fine. The most direct sovereign-mint peer in terms of global prestige, typically available at substantially lower premiums in the US market.
- Silver Libertad
Mexico's silver bullion coin, also carrying collector appeal and limited US dealer coverage. Similar dynamics to the Panda: higher premiums than Eagles or Maple Leafs, with design-driven collectibility beyond pure bullion.
- Silver Britannia
The Royal Mint's silver entry, with the strongest anti-counterfeiting features of any sovereign-mint silver coin. Another import coin with higher US premiums than domestic alternatives.
- American Silver Eagle
The dominant US sovereign-mint silver coin. The natural comparison anchor for any silver bullion buyer — broadest dealer coverage, deepest liquidity, and typically lower premiums than the Panda.
Frequently asked questions
Is Silver Panda a good investment?
The Silver Panda is a sovereign-mint bullion coin containing .999 fine silver, issued by the People's Republic of China and carrying a 10 Yuan face value. It is recognized worldwide and can be bought and sold at major US dealers. However, Silver Panda premiums are the highest of any standard sovereign-mint silver coin tracked by BullionMetric — currently 20%+ over spot for a random-year coin. That means more of your purchase price goes to premium rather than metal content, and you need silver to appreciate by at least that premium percentage just to break even on resale. Whether silver fits your portfolio is a separate question from whether the Panda is the best vehicle for silver exposure.
What's the cheapest place to buy Silver Pandas right now?
As of this page's last update, Provident Metals has the lowest 1 oz random-year premium at 19.99% over spot. APMEX carries a 30g random-year listing at 20.46% (lower sticker price but slightly more premium per ounce of silver) and a 1 oz random-year at 22.09%. JM Bullion carries the same 1 oz product but is currently out of stock. Over the last 29 tracked days, the cheapest spot has rotated between Provident (41%), APMEX (31%), and Money Metals Exchange (28%). Check the live table above — availability is sporadic and today's cheapest dealer may be out of stock tomorrow.
How is a Silver Panda different from a Silver Eagle?
Both are sovereign-mint silver coins, but they differ in important ways. The American Silver Eagle contains 1 troy ounce of .999 fine silver with the same design every year; the Silver Panda has featured a new panda design annually since the series standardized in the 1990s and changed its standard weight from 1 troy ounce to 30 grams (0.9645 troy oz) in 2016. Silver Eagle premiums typically run lower than Panda premiums in the US market due to domestic production, broader dealer coverage, and higher market liquidity. The Panda offers more design variety and a collector dimension the Eagle lacks.
Why are Silver Pandas so expensive compared to other silver coins?
Silver Panda premiums are structurally higher because of thin US dealer coverage (only 3–4 dealers stock them actively), import logistics from Chinese state mints, the collector premium embedded by the annual design change, and the cost of authenticating against a well-known counterfeiting problem. The premium floor for a random-year Panda is roughly double that of a Maple Leaf or Britannia.
Did Silver Pandas change size in 2016?
Yes. From 1983 through 2015, the standard Silver Panda bullion coin weighed 1 troy ounce (31.1035 grams). Starting in 2016, the China Gold Coin Incorporation switched the standard to 30 metric grams (0.9645 troy ounces) — approximately 3.55% less silver. The fineness remained .999 and the diameter remained 40 mm. This metric-system transition aligned the Panda with China's domestic measurement standards and made it the only major sovereign-mint bullion coin to use gram-based weights.
Are Silver Pandas IRA-eligible?
Silver Pandas struck in .999 fine silver meet the IRS fineness threshold for Precious Metals IRA inclusion. This applies to all standard bullion issues from 1989 onward. Confirm with your IRA custodian before purchasing, as custodian-specific rules may apply.