¼ Balboa Republic, Panama

Armored bust wearing a helmet of Vasco Nez de Balboa, the first European who crossed the Isthmus, reached the Pacific by land and discovered the Perlas Archipelago (1513), facing left surrounded by legend

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The arms of Panama with 9 stars above representing the 9 provinces of the country at that time (there are now 10), with the country name above, the silver content on both sides, and the date below

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Reeded