1 Balboa XXIV Olympic Summer Seoul 1988 - Equestrian

Panama's Olympic commemorative series of the late 1980s was issued under a licensing arrangement with the International Olympic Committee, timed to coincide with Seoul's games — the first Summer Olympics held in Asia since Tokyo 1964. Equestrian events in Seoul were contested at the Seoul Equestrian Park in Gwacheon, purpose-built for the occasion at considerable expense and used for showjumping, dressage, and the cross-country phase of eventing.

The .999 fineness is atypically pure for a circulation-legal commemorative of this period, when most sovereign mints were still issuing silver commemoratives at .900.