Most marketing companies in the US and Europe take the coins out of the soft outer plastic because the soft plastic is not attractive and
does not fit into standard packaging such as a round hole in a presentation gift box.
From 1989 to the mid 1990's, the largest retailer of silver Pandas was a European company that sold a million ++ silver Pandas in capsules only.
Just because a silver Panda is in a capsule does not mean there is anything wrong with the coin.
95% to 98% of the silver Pandas in capsules are NOT grading rejects and were just sold or marketed in capsules.
FYI, collectors in Europe and many in Asia PREFR coins in capsules.
Premiums for "double sealed" silver Pandas are very high.