This is a picture of a fake 1995 Silver Panda coin. Notice the area that was grinded. There is a copper core with a silver coating. This is a very common fake panda coin.
Another thing to notice is the detail. The real panda coin has much better detail in the fur.
There is more information on the WorldCoinData.Com forum. Check it out.
http://worldcoindata.com/phpBB2/viewtopic.php?t=6
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