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The Panama 5 centesimos coin from 1904, cataloged as KM#2, stands as a remarkable testament to the history and numismatic heritage of Panama. Minted over a century ago, this silver coin is a prized collector's item, celebrated for its historical significance, intricate design, and enduring quality. To truly appreciate this coin, it's essential to delve into the historical backdrop against which it emerged. In the early 20th century, Panama was a part of the Republic of Colombia. However, mounting tensions and the fervent desire for independence culminated in a pivotal moment in 1903 when Panama declared its autonomy with the support of the United States, ultimately leading to the formation of the independent nation of Panama. The 1904 coinage thus marks a crucial transitional period in Panama's history, bridging the gap between its declaration of independence and the establishment of its own currency system.
The design of the Panama 5 centesimos coin is a reflection of Panama's newfound sovereignty and its strong ties to the United States. The obverse (front) of the coin features a striking image of a liberty cap and laurel wreath, classical symbols of freedom and victory. Encircling the central design are the words "REPUBLICA DE PANAMA," proudly proclaiming the nation's identity and independence. Flipping the coin to its reverse (back), one encounters a magnificent depiction of the Panama Canal Zone, a defining engineering marvel of the 20th century. Alongside the canal image is the imposing American battleship USS Missouri. The canal, with its intricate locks and gates, connected the Atlantic and Pacific Oceans, revolutionizing global trade routes. The presence of the USS Missouri underscores the influential role played by the United States in Panama's quest for independence and the subsequent construction and administration of the Panama Canal.
In terms of its physical attributes, the Panama 5 centesimos coin is relatively petite, with a diameter of approximately 16 millimeters. Its weight, attributable to its silver composition, typically ranges from 1.2 to 1.5 grams. The coin's silver content not only lends it intrinsic value but also enhances its allure as a sought-after collectible.
Speaking of purity, this coin is meticulously crafted from 90% silver, making it a highly coveted item among numismatists who treasure the precious metal's historical significance and intrinsic worth. The remaining 10% of the coin's composition consists of copper, which adds durability and resistance to wear and corrosion, ensuring the coin's enduring quality.
The Panama 5 centesimos coin was minted in the United States, specifically at the esteemed Philadelphia Mint, renowned for its precision and craftsmanship in producing coins not only for the United States but also for various countries, including those within the Panama Canal Zone. The mintage, or the number of coins produced in a specific year, can vary, but for the 1904 Panama 5 centesimos coin, mintage numbers were relatively modest. This fact contributes to its desirability among collectors and the potential rarity of certain editions.
When evaluating the condition of this coin, collectors frequently refer to the Sheldon Coin Grading Scale, which encompasses a range from "Poor" to "Mint State." A coin graded as XF (Extremely Fine) suggests that it exhibits minimal wear, with most of its original details still discernible. This speaks to the coin's history of circulation while also highlighting its commendable preservation over the years.
Aside from its numismatic appeal, the Panama 5 centesimos coin serves as a historical artifact, encapsulating the narrative of Panama's relentless pursuit of independence and its profound connection to the United States during a transformative era. The Panama Canal, prominently featured on the coin, remains one of the world's most critical waterways, facilitating global trade and fostering international collaboration.
The Panama 5 centesimos coin from 1904 is a captivating embodiment of Panama's history, its unwavering struggle for independence, and its significant ties to the United States and the monumental Panama Canal. Its graceful design, modest dimensions, silver composition, and historical context collectively make it a cherished collectible for numismatists and a tangible link to Panama's rich heritage. Whether cherished for its aesthetic elegance, historical importance, or the intrinsic value of its silver content, this coin occupies a special place in the realm of numismatics, offering a compelling glimpse into Panama's bygone era.