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The Panama 5 centesimos coin from 1962, cataloged as KM#23.2, is a noteworthy piece of numismatic history that reflects Panama's ongoing development during the mid-20th century. Minted more than half a century ago, this coin holds both historical significance and collector's appeal, characterized by its brilliant uncirculated condition.
Delving into the historical context, Panama had experienced significant changes during the 20th century. The coin's release in 1962 coincides with a period when Panama was seeking greater autonomy and control over its economic and political affairs. The coinage of Panama played a role in asserting the nation's identity and sovereignty.
The design of the Panama 5 centesimos coin reflects the nation's identity and aspirations during this era. The obverse (front) side of the coin features a depiction of Panama's national emblem. At the center is a shield with a depiction of a winged star, representing Panama's historical association with the United States. Two crossed rifles and a military helmet flank the shield, symbolizing Panama's military history and commitment to its defense. Turning to the reverse (back) side of the coin, you'll find the coin's denomination, "5 CENTESIMOS," and the year of minting, "1962," encircled by an ornamental border. This side of the coin is relatively simple compared to the detailed obverse, with the focus placed on the coin's practical use in everyday transactions.
Regarding its physical specifications, the Panama 5 centesimos coin measures approximately 20 millimeters in diameter, making it a relatively small denomination. The weight of the coin is typically around 2 grams, further emphasizing its suitability for everyday use in commerce.
The coin is primarily composed of bronze, a durable and corrosion-resistant alloy that was commonly used in coinage. Bronze typically consists of a combination of copper and other metals, contributing to the coin's distinctive appearance and ability to withstand wear over time.
These coins were minted in the United States, specifically at the Philadelphia Mint. The Philadelphia Mint has a long-standing tradition of 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. For the 1962 Panama 5 centesimos coin, mintage numbers were substantial, ensuring widespread availability.
Being in brilliant uncirculated (BU) condition, this coin exhibits pristine quality with no signs of wear or damage. It retains its original mint luster and sharp details, making it particularly appealing to collectors who appreciate coins in such superb condition.
As an intriguing fact about Panama, it's worth mentioning the nation's continued significance in global trade and commerce due to the Panama Canal. The canal remains one of the world's most critical waterways, connecting the Atlantic and Pacific Oceans and facilitating international trade by significantly reducing maritime travel times for vessels.
In conclusion, the Panama 5 centesimos coin from 1962, in its brilliant uncirculated condition, represents an important piece of Panama's history and identity during the mid-20th century. Its design, practical specifications, and historical context make it a valuable collectible, not only for numismatists but also as a tangible reminder of Panama's ongoing journey towards self-determination and its pivotal role in global trade through the Panama Canal.