Panama FAO Centesimo [opgelost]

Out of curiosity: Has anybody who has been in Panama see this coin N#6286 circulate in the country? 
 

It could be just me, but I have found it easier to find examples of this coin in UNC condition than in circulated condition.

What interests me more is, who tf bought it for 19 euro on katz???

Mine cost me 39 cents (UNC of course)

Hi  Menu

I've not been to Panama, but last year I bought my 2000 FAO Centesimo included in a  lot of -apparently- circulated Panama-coins (6 pieces, all 1990-2001) for only Euro 5.50 in Italy

The coin is in a quite nice condition, seems to have little use…. so, did it really circulate at any time?

Funny to know that someone paid Euro 19.- for that little and quite common coin!!

Regards

christianvl

 

Funny to know that someone paid Euro 19.- for that little and quite common coin!!

Keep in mind that Panama uses their Balboa coins along with US coins, so that means that whoever bought that Centesimo has a coin worth a US penny (0.01 PAB = 0.01 USD)! Basically paid 19 Euros for a penny

Menu82025

Out of curiosity: Has anybody who has been in Panama see this coin N#6286 circulate in the country? 
 

It could be just me, but I have found it easier to find examples of this coin in UNC condition than in circulated condition.

I was in Panama last year, paid US cash everywhere I went. Got lots of Panama coinage in change, never saw this FAO centesimo. It would stick out like a sore thumb. I wonder if these were all released in sets and rolls but not in general circulation?

Menu82025

christianvl

 

Funny to know that someone paid Euro 19.- for that little and quite common coin!!

Keep in mind that Panama uses their Balboa coins along with US coins, so that means that whoever bought that Centesimo has a coin worth a US penny (0.01 PAB = 0.01 USD)! Basically paid 19 Euros for a penny

Collectors pay over face value for coins all the time. Not unusual to pay 19 euro - or more - for a modern UNC coin, esp a one-year issue in a different metal.

TCon

Menu82025

christianvl

 

Funny to know that someone paid Euro 19.- for that little and quite common coin!!

Keep in mind that Panama uses their Balboa coins along with US coins, so that means that whoever bought that Centesimo has a coin worth a US penny (0.01 PAB = 0.01 USD)! Basically paid 19 Euros for a penny

 

Collectors pay over face value for coins all the time. Not unusual to pay 19 euro - or more - for a modern UNC coin, esp a one-year issue in a different metal.

Then again, that is still way too much money for this single coin. If I had to purchase this coin in UNC condition, I would pay a maximum of $1.00 USD.

Menu82025

 

Then again, that is still way too much money for this single coin. If I had to purchase this coin in UNC condition, I would pay a maximum of $1.00 USD.

To each his own. I can't say who bought that coin at auction or why they paid such a premium, sure as heck wasn't me!

But it's very common in the hobby to pay huge premiums for modern, base metal coins in high grade. Remember, “unc” is a wide range of MS-60 to MS-70 and those higher grades get expensive fast. For example, even common clad Ikes go for thousands in high grade. Makes no sense to me. Again, to each his own.

Edited to add link for clad Ike auction records: https://www.pcgs.com/auctionprices/category/ike-dollar-1971-1978/31

Republic of Panama. (2000, July 14). Gaceta Oficial [Official Gazette] (No. 24,096):

https://momentofiscal.com/leyes/CAMBIOS%20CODIGO%20FISCAL/2000%20-%20Ley%2028.pdf

P.15 (Google Translator version below):

The FAO has requested the necessary authorization to mint, at its own expense and risk, two million commemorative one-cent coins, made of aluminum, dated 2000, measuring 21-23 mm in diameter, with the following design: Obverse: REPUBLICA DE PANAMA and the National Coat of Arms of the Republic, the date, and the denomination; Reverse: XXI CENTURY FAO FOOD SECURITY and a ship transiting the Panama Canal.

These coins minted under the program will not be in circulation in the Republic of Panama, and the collections prepared by the Food and Agriculture Organization of the United Nations (FAO) will be donated by international companies to public schools in the international community, with the aim of educating children about the various challenges faced by member countries, as well as their main advantages. A portion of the collection will be used by the FAO to create an official collection, which will be distributed internationally to raise funds for the FAO.

P.16 (Google Translator version below):

FIRST: The Minister of Economy and Finance is hereby authorized to grant permission to the Food and Agriculture Organization of the United Nations (FAO) to mint commemorative coins for the children's education program, with the following characteristics:
1) Denomination: One hundredth of a balboa
2) Metal: Aluminum
3) Quantity: Two million pieces
4) Date: 2000
5) Size: 21-23 millimeters
6) Design: Obverse: REPUBLIC OF PANAMA, National Coat of Arms, date, and denomination.
Reverse: XXI Century FAO FOOD SECURITY and a design of a ship transiting the Panama Canal.

SECOND: It is understood that the commemorative coins minted by the Food and Agriculture Organization of the United Nations (FAO), by virtue of this authorization, may not circulate in the Republic of Panama, and that the FAO will assume all costs of minting, distribution, and marketing.

------

So we actually have here a non-circulating coin type. CR just created.

Higuera

Republic of Panama. (2000, July 14). Gaceta Oficial [Official Gazette] (No. 24,096):

https://momentofiscal.com/leyes/CAMBIOS%20CODIGO%20FISCAL/2000%20-%20Ley%2028.pdf

 

 

P.15 (Google Translator version below):

 

 

The FAO has requested the necessary authorization to mint, at its own expense and risk, two million commemorative one-cent coins, made of aluminum, dated 2000, measuring 21-23 mm in diameter, with the following design: Obverse: REPUBLICA DE PANAMA and the National Coat of Arms of the Republic, the date, and the denomination; Reverse: XXI CENTURY FAO FOOD SECURITY and a ship transiting the Panama Canal.

These coins minted under the program will not be in circulation in the Republic of Panama, and the collections prepared by the Food and Agriculture Organization of the United Nations (FAO) will be donated by international companies to public schools in the international community, with the aim of educating children about the various challenges faced by member countries, as well as their main advantages. A portion of the collection will be used by the FAO to create an official collection, which will be distributed internationally to raise funds for the FAO.

 

 

P.16 (Google Translator version below):

 

 

FIRST: The Minister of Economy and Finance is hereby authorized to grant permission to the Food and Agriculture Organization of the United Nations (FAO) to mint commemorative coins for the children's education program, with the following characteristics:
1) Denomination: One hundredth of a balboa
2) Metal: Aluminum
3) Quantity: Two million pieces
4) Date: 2000
5) Size:
6) Design: 21-23 millimeters
Obverse: REPUBLIC OF PANAMA, National Coat of Arms, date, and denomination.
Reverse: XXI Century FAO FOOD SECURITY and a design of a ship transiting the Panama Canal.

 

SECOND: It is understood that the commemorative coins minted by the Food and Agriculture Organization of the United Nations (FAO), by virtue of this authorization, may not circulate in the Republic of Panama, and that the FAO will assume all costs of minting, distribution, and marketing.

 

------

 

So we actually have here a non-circulating coin type. CR just created.

 

Thanks for finding this document regarding this coin! I knew something was a bit off about this ‘circulating’ coin, but I needed some sources to prove such.