Panama has no meaningful connection to ice hockey, and that's precisely the point. The 1988 Calgary Games generated a wave of commemorative coinage from nations with no Olympic presence in winter sports — Panama among them — capitalizing on collector demand rather than national participation. These issues were struck for the numismatic market, not circulation, which is why surviving examples almost universally show no wear.
Panama has no meaningful connection to ice hockey, and that's precisely the point. The 1988 Calgary Games generated a wave of commemorative coinage from nations with no Olympic presence in winter sports — Panama among them — capitalizing on collector demand rather than national participation. These issues were struck for the numismatic market, not circulation, which is why surviving examples almost universally show no wear.