Bust of Pedro Arias Davila ( Pedrarias) founder of the Panama City
During the administration of former president Juan Carlos Varela commemorative coins dropped into circulation like confetti without problems, but the latest coin is reportedly a 500th anniversary $2 million historical error
On Saturday, August 17, The Ministry of Economy and Finance suspended the circulation of the commemorative coin of the 500th anniversary of Panama City while the image of Pedro Arias Dávila, the city’s founder which appears on the front is reviewed and validated. Earlier in the day media reports said that the image was of Francisco Pizarro, conqueror of Peru
The design of that appears on the coin was supplied by the Patronato de Panamá Viejo which also endorsed its final design.
The issuance of the currency was authorized in November 2009, and its design was approved in 2018.
After meetings between representatives of the Board of Trustees of Panama Viejo, the Numismatic Association of Panama, the National Bank and the MEF, questions arose as to whether the portrait used as a base was that of Pedro Arias Dávila reports La Estrella. His bust stands in Panama Viejo.
The piece is part of the collection of half balboa coins ($ 0.50) authorized in November 2009 to highlight the importance of the Historic Monumental Ensemble of Panama Viejo and commemorate the celebration of the 500 years of Panama City.
These coins have been minted since 2010 and on their obverse they have presented images of the Convent of the Conception, the coat of arms of the Habsburg, the facade of the Royal Houses, to Vasco Núñez de Balboa, Carlos V, the Convent of San José, the Convent of the Society of Jesus and the Convent of San Francisco.
In 2019 it was stipulated to put into circulation three million coins whose cost amounts to $ 1,052,074.36 and a value of seignorage (profit) of $ 447,925.65, which would be donated to the Patronato de Panamá Viejo.
The MEF has not ordered the destruction of the coins and has not yet paid the value of the mintage or the donation to the Patronato de Panamá Viejo. The MEF says it is investigating.