¼ Balboa, Panama

Armoured bust with a helmet of Vasco Nez de Balboa, a Spaniard, the first European who crossed the Isthmus, reached the Pacific by land and discovered the Perlas Archipelago in 1513, facing left surrounded by value in letters and a wreathed bust touching the rim below.

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Arms of Panama with nine (128.1) or ten (128.2) stars above (representing the nine provinces at the time, there are now ten) and the name of the country above, date below.

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Reeded