⅒ Balboa Republic, Panama

Armoured bust of Vasco Nez de Balboa, a Spaniard and the first European who crossed the Isthmus reaching the Pacific by land and the first to discover the Perlas Archipelago in 1513, with the value above

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Arms of Panama with 9 stars above representing the nine provinces at the time (there are now ten) along with the country name above, silver content on both sides, date below.

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Reeded