Panama 1985-FM 500 balboas

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Stack's Bowers 2023 ANA sale, lot 51353
SB823-51353r.jpg

This specimen was lot 51353 in Stack's Bowers ANA sale (Pittsburgh, PA, August 2023), where it sold for $3,840. The catalog description[1] noted, "PANAMA. 500 Balboas, 1985-FM. Pennsylvania (Franklin) Mint. PCGS PROOF-68 Deep Cameo. A SCARCE modern issue featuring the national eagle, this impressive scallop-shaped specimen offers immense brilliance in the fields and frosting imparted unto the devices." This denomination was first used for large gold commemoratives in 1975 and the Franklin Mint issued all of them until 1985. Unfortunately, collecting Panamanian coins lost its popularity after the Franklin mint overissued proof sets and commemoratives in the 1970's and 1980's. For years, few Panamanian coins sold for more than melt. We don't know why the Franklin Mint, having gone to the trouble of designing and marketing such an impressive coin, chose to use 0.500 fine gold. This only speeded up the tarnishing process.

Recorded mintage: 184 plus unknown in "uncirculated".

Specification: 37.18 g, 0.500 fine gold.

Catalog reference: Fr-31; KM-103.

Source:

  • Friedberg, Arthur L. and Ira S. Friedberg, Gold Coins of the World, From Ancient Times to the Present, 9th ed., Clifton, NJ: Coin and Currency Institute, 2017.
  • Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1901-2000, 47th ed., Iola, WI: Krause Publications, 2019.
  • [1]Orsini, Matt, Kyle Ponterio and Jeremy Bostwick, August 2023 Global Showcase Auction, World & Ancient Coins, Costa Mesa, CA: Stack's Bowers Galleries, Inc., 2023.

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