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I had no idea pandas were no longer 1 ounce troy

WeissWeiss Posts: 9,941 ✭✭✭✭✭
edited June 13, 2017 2:23PM in Precious Metals

Interesting post on the darkside forum. Apparently China decided to opt out of the 1 troy ounce (31.1035 grams) norm. Pandas are now 30 grams even--just about 3% light compared to every other established bullion piece out there. And from what I've seen, the price is no cheaper.

As I mentioned in that thread, I already didn't like pandas. I don't like what China has allowed to happen with counterfeits, and I don't like their oppressive regime. But now? I wouldn't own one if you paid me.

Is it hurting sales? Apparently not. Just captured this screen from Apmex. Look at the difference in premium even with this light weight.

Did you know about this? Do you care? Am I off base?

We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame

Comments

  • mkman123mkman123 Posts: 6,849 ✭✭✭✭

    I heard about this recently as well........throws me off. I think the former 1 oz gold panda is also 30 grams now, the half oz is 15 grams and the 1/10ths are now 3 grams. The 1/4 is actually 8 grams

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  • MsMorrisineMsMorrisine Posts: 33,088 ✭✭✭✭✭

    it's not a matter of hearing about it, they changed. I'm not sure which year. it wasn't this year but it was a recent year.

    I suppose it is China exercising their sovereign decisions, but I'm in no hurry to buy a modern 30 gram coin when 1 troy is the norm. Although if one is unscrupulous, perhaps the 1.1 gram difference could be used to scam.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • PerryHallPerryHall Posts: 46,137 ✭✭✭✭✭

    @Weiss said:
    Interesting postPandas are now 30 grams even--just about 1% light compared to every other established bullion piece out there.

    It's a little more than 3.5% lighter. From a marketing viewpoint it doesn't make any sense.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • Downtown1974Downtown1974 Posts: 6,796 ✭✭✭✭✭

    I knew only because I have a 2017 Panda. Nice design, but the ridiculous premiums keep my present and future inventory of Pandas at just 1 round. No desire to obtain more.

    MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940

  • WeissWeiss Posts: 9,941 ✭✭✭✭✭

    I just checked Apmex for gold. Yep. The gold pandas are 30 grams, too.

    Apmex price (paypal/CC):
    2017 Panda $1389.91 @ 30 grams
    2017 Maple $1372.18
    2017 Eagle 1394.99

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • silversirensilversiren Posts: 70 ✭✭✭

    No offense but this is old news, as in late 2015. 2016 release was the first all gram based size/weight old - 1/20, 1/10, 1/4, 1/2, 1 oz new - 1g, 3g, 8g, 15g, 30g. For 2017 they also upped the silver mintage from 8million to 10million so we no longer go after the silver ones.

  • OPAOPA Posts: 17,121 ✭✭✭✭✭

    2016 was the first year for the change....old news.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • illini420illini420 Posts: 11,466 ✭✭✭✭✭

    Haven't bought any silver pandas for the local coin clubs since they made the change to 30g. Maybe if the cost had gone down a little as well I would buy some, but it seems like the panda premium hasn't gone down at all and maybe even went up more.

    Way too many other cool World silver bullion coins out there that are a full troy ounce and cost less.

    PASS on the panda!!!!!

    :+1:

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  • bronco2078bronco2078 Posts: 10,225 ✭✭✭✭✭

    There was always a good resale premium on the silver pandas , maybe that will change. A ten year old silver panda is probably worth as much as 3 ASE's

  • MsMorrisineMsMorrisine Posts: 33,088 ✭✭✭✭✭

    different mintages to explain the different premiums? plus, aren't there some varieties?

    but I agree with the crowd that those premiums and 30g is a mistake. I knew it from the first news of it. Island of Misfit Coins. They hope the rest of the world takes their lead. We shall see if they get off the island.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • cohodkcohodk Posts: 19,127 ✭✭✭✭✭

    First cereal boxes, now Pandas!!??

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • rawteam1rawteam1 Posts: 2,472 ✭✭✭
    edited June 13, 2017 4:41PM

    Lol you worried about these pandas???, yet selling "rare" generics for more???.... wtf...in fact everything... lol

    keceph `anah
  • WeissWeiss Posts: 9,941 ✭✭✭✭✭

    @rawteam1 said:
    Lol you complaining about these???, yet selling "rare" generics for more???.... wtf...

    LOL! You're funny. I love seeing your posts, @rawteam1! And your opinion is always welcome and highly valued. :smile:

    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • creekdaltoncreekdalton Posts: 49 ✭✭✭

    NO thank you! Zero interest in Chinese coins

  • VanHalenVanHalen Posts: 3,992 ✭✭✭✭✭

    @Weiss said:
    I had no idea pandas were no longer 1 ounce troy

    They are getting smaller and smaller. Kind of like China's GDP growth. This pic puts in in perspective.

  • rawteam1rawteam1 Posts: 2,472 ✭✭✭

    You da man Weiss!!! B) ...

    keceph `anah
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    I do not stack or buy Panda's, so was unaware of the change... seems strange... actually a form of devaluation... is the Yuan next?? ;) Cheers, RickO

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