20 Balboas Republic

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Beschrijving keerzijde	A full-length heroic figure of Spanish conquistador Vasco Núñez de Balboa stands in left profile, depicted in period armor and helmet. His raised right arm brandishes a sword aloft, while his extended left arm holds a flag or standard. The composition conveys the historical moment of Balboa's discovery of the Pacific Ocean. The legend VASCO NUNEZ DE BALBOA is inscribed along the upper periphery, and the date 1978 appears in the lower field.
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Rand	Reeded
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Aanvullende informatie	Panama's oversized silver issues of the 1970s were tied directly to the country's fraught negotiations with the United States over canal sovereignty. The 1978 date is pointed: the Torrijos-Carter Treaties had been signed in September 1977, and a second ratification vote in the U.S. Senate passed in April 1978 by a single vote margin, clearing the path for eventual Panamanian control of the canal in 1999. KM#54 is the second of two 20 Balboa types in the series, distinguished from its predecessor by die characteristics that specialists track closely given the limited mintage figures involved.