1 Balboa Martin Luther King

Panama's 1988 commemorative issues appeared during one of the most turbulent periods in the republic's modern history — the Noriega government was under active U.S. economic sanctions, the banking system had been shuttered for months, and domestic currency circulation had effectively collapsed. A silver commemorative honoring King was an export product as much as anything else, aimed at foreign collectors rather than Panamanian commerce. The X# prefix in Krause confirms its non-circulating status.