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The Panama 5 centesimos coin from 1974, cataloged as KM#23.2 and presented in proof (PF) quality, is a numismatic gem that offers a captivating glimpse into Panama's history and evolving coinage traditions. Minted nearly half a century ago, this coin not only carries intrinsic historical significance but also showcases meticulous craftsmanship and enduring collector's appeal.
To appreciate the historical context surrounding this coin, it's essential to note that Panama had witnessed significant developments during the 20th century. By 1974, the nation had firmly established itself as an independent and sovereign state, having gained control of the Panama Canal from the United States in 1999. Coinage played a vital role in asserting Panama's identity and ensuring economic stability.
The design of the Panama 5 centesimos coin pays tribute to Vasco Núñez de Balboa, a Spanish conquistador and explorer who holds a prominent place in Panama's history. On the obverse (front) side of the coin, a finely detailed portrait of Balboa takes center stage, accompanied by the inscription "REPUBLICA DE PANAMA." This design not only commemorates Balboa's historical significance but also reinforces Panama's status as an independent republic. Flipping the coin to its reverse (back) side, you'll encounter the coin's denomination, "5 CENTESIMOS," and the year of mintage, "1974," encircled by an elegant decorative border. The simplicity of the reverse design underscores the coin's practicality for everyday transactions.
Turning to its physical specifications, the Panama 5 centesimos coin is modest in size, with a diameter of approximately 20 millimeters. Its weight typically ranges from 1.5 to 2 grams, making it a practical denomination for use in daily commerce.
The coin is primarily composed of bronze, a durable and corrosion-resistant alloy that has been widely used in coinage throughout history. Bronze typically consists of a combination of copper and other metals, contributing to the coin's distinctive appearance and longevity.
These coins were minted in the United States, specifically at the Philadelphia Mint, a renowned institution celebrated for its precision and craftsmanship in producing coins for various countries, including those within the Panama Canal Zone. Mintage numbers can vary from year to year, but for the 1974 Panama 5 centesimos coin, they were significant, ensuring wide availability.
Being presented in proof (PF) quality, this coin is a pristine and exceptional specimen. Coins in proof condition are struck multiple times with specially polished dies, resulting in a high level of detail and a mirror-like finish. The meticulous attention to detail and quality of strike make proof coins highly desirable among collectors.
An interesting fact about Panama is its unique geographical location, with the Panama Canal serving as one of the world's most critical waterways. The canal connects the Atlantic and Pacific Oceans, facilitating global trade and significantly reducing maritime travel times for vessels, making it an indispensable link in international commerce.
In conclusion, the Panama 5 centesimos coin from 1974, presented in proof quality, serves as a captivating representation of Panama's history and national identity during the latter half of the 20th century. Its intricate design, practical specifications, and historical context make it a cherished collectible, not only for numismatists but also as a tangible reminder of Panama's status as a sovereign nation and its pivotal role in global trade through the Panama Canal.