1988 commemorative coins
The National Bank of Panama issued ten different medallic commemorative 1 balboa coins in 1988. These coins were subsequently declared illegal by the Panamanian Minister of Finance because their issue was unauthorized, and they became marketed in Germany. Four were minted to commemorate the 1988 Winter Olympics in Calgary, Canada, another four commemorated the 1988 Summer Olympics in Seoul, South Korea. Martin Luther King, Jr. was featured on one coin, and another displayed U.S. President John F. Kennedy. Each coin was struck in cupronickel or pure silver. The cupronickel coins weighed about 14.3 grams, while the silver pieces weighed 15 grams. Typically, 70,000 examples of each coin were produced, with 50,000 struck in cupronickel and 20,000 in silver. Even though the reverse of each 1988 commemorative balboa coin varied, the obverse was uniform. Like many of its predecessors, the Panamanian coat of arms was engraved in the center of the coin's obverse, with the state title inscribed above around the circumference. The coin's value (as "1.00 VN BALBOA") was displayed underneath the arms.