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The Panama 1/4 balboa coin from 1974, cataloged as KM#11.2a and graded as Proof (PF), is a remarkable numismatic piece that offers a window into the history and culture of Panama. Minted nearly five decades ago, this coin carries historical significance and showcases the craftsmanship of its time.
In order to appreciate the full historical context of this coin, it's essential to delve into Panama's background during the early 1970s. At that time, Panama was navigating a period of political and social change. The Panama Canal, a crucial waterway connecting the Atlantic and Pacific Oceans, was under the administration of the Panama Canal Commission, a joint entity formed by the United States and Panama. The presence of the canal had a profound impact on Panama's economy and international standing.
The obverse (front) of the Panama 1/4 balboa coin features a prominent portrait of Vasco Núñez de Balboa, the Spanish explorer known for being the first European to reach the Pacific Ocean in 1513. Balboa's exploration across the Isthmus of Panama marked a significant moment in history, and this coin pays tribute to his adventurous spirit. Below the portrait, the inscription "V. NUNEZ DE BALBOA" is elegantly engraved, commemorating the explorer's role in Panama's history. Turning to the reverse (back) of the coin, Panama's national coat of arms is prominently displayed. The coat of arms consists of a shield divided into four quadrants. The upper-left quadrant contains a crossed sword and rifle, symbolizing Panama's commitment to defending its sovereignty and independence. The upper-right quadrant displays a crossed shovel and pickaxe, representing the construction and significance of the Panama Canal, a marvel of engineering. The lower-left quadrant features a ship sailing on the Pacific Ocean, while the lower-right quadrant depicts a ship on the Caribbean Sea, emphasizing Panama's strategic location as a bridge between two oceans.
A banner encircles the coat of arms, bearing the inscription "REPUBLICA DE PANAMÁ," underscoring Panama's identity as a sovereign republic. The coin's design serves as a testament to Panama's history and the critical role it plays on the global stage as a vital link in international trade.
Physically, the Panama 1/4 balboa coin is relatively small, with a diameter of approximately 24.3 millimeters. It has a weight that typically ranges from 5.83 to 6.25 grams. The coin's silver content contributes to its intrinsic value and lends it a timeless luster that collectors admire.
Comprising 90% silver, this coin embodies the historical appeal of precious metals and their enduring value. The remaining 10% of the coin consists of copper, which enhances its durability and resistance to wear, ensuring its longevity.
These coins were likely minted in the United States, where the Panama Canal Zone was under American administration. The mintage, or the number of coins produced in a specific year, can vary. Proof coins, such as this one, are specially struck with meticulous care to ensure flawless surfaces, sharp details, and mirror-like fields. The Proof designation signifies the coin's exceptional quality and craftsmanship.
One interesting fact about Panama is its strategic location as the crossroads of the world. The Panama Canal, often referred to as the "Crossroads of the World," has played a pivotal role in global trade by connecting the Atlantic and Pacific Oceans. It has significantly reduced travel distances and time for vessels, making it one of the most critical and strategic waterways in the world.
In conclusion, the Panama 1/4 balboa coin from 1974, graded as Proof (PF), is not just a numismatic treasure but also a historical artifact that reflects Panama's cultural heritage and the significance of the Panama Canal. Its elegant design, compact size, silver composition, and Proof quality make it a prized collectible for numismatists and history enthusiasts alike. Whether admired for its aesthetic beauty, historical importance, or intrinsic silver value, this coin stands as a tribute to Panama's rich heritage and its vital role in global trade.