Why are pandas going for such a high premium?

browsing for some silver for the stack noticed that pandas are selling for triple digits now? How does that make sense its bullion after all can someone explain the madness?
This is what makes my head spin! 120 for an ounce of silver

https://www.ebay.com/itm/1997-China-1-oz-Silver-Panda-10-Yuan-Small-Date/133533646796?hash=item1f1739bfcc:g:ApsAAOSwvA9fdL-m

 

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A quick search of eBay tells me that this coin is in demand for reasons unknown to me. Many at the Bay come with price tags higher than this one.

 

Supply and demand. Drives the price of everything.

 

Yes, I think that's a special year for one reason or another, idk why! Here's mine, wish mine were a special issue!

 

The early pandas have very small montages and have always had significant premiums, this is nothing knew. It wasn’t until like 2014 that their montages exploded and their premiums dropped a lot on newer issues

 

I know why! That's when Poh became the Dragon Warrior and learned three things from Master Shifu and his adopted father: (1) There are no accidents, (2) There is no secret ingredient, and (3) You sometimes meet your fate on the road you take to avoid it.

 

This.

Before a certain date, and I would argue before 2014 as I own lots of 2011's etc, they were sold as mainly bullion at the time but have become more collectible.

Why are 1916d dimes worth more than bullion? Why can't I buy a 1901s quarter at melt? Because collector value for the date and mm is higher than melt. I know nothing about the rarity of a 1997 small date panda, but evidently its demand is much higher for numismatic interests than bullion ones.

 

Some of the mintages in the mid 90's were only estimated to be around 100K on the panda. I'd look it up in Peter's book but I'm not around it to look. In the mid 2000's with the world's wealth beginning to transfer from the west to places like China their is several native Chinese that want to own some of their coins as they originally were never released at home and all abroad. I think the panda glory days have come and gone but they are great coins to own and enjoy. I do think they have more upside than most of the other worlds mint releases. Now it is speculated if the chinese economy ever picks back up than their would be more demand for these coins as the middle class in china would want to build master sets of 1 oz silver coins because they will not be able to afford the gold bears.

 

@baseball21
Thats great to know, wasnt aware of the mintage issues.