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New Panama Canal Quarter. The new 25 cent coin, which was issued to commemorate the Panama Canal centenary, has caused mixed reactions, from customers accusing shops of giving them counterfeit money to coin collectors getting excited with the innovative design incorporating color elements on the back.
The Ministry of Economy has commissioned six different designs and two million coins of each model will be minted, for a grand total of 12 million, that will circulate as legal tender in the country. The first one has a small, green disk at the back that shows two men with a spade and a pick axe digging the Canal and was introduced in November 2016.
The metallic composition and dimensions are identical to the 25 cents coin currently in circulation. The only element that differentiates one from the other is the high definition color engraving, which will not affect it as a legal tender coin.
So far, three of the six designs have been approved and are being minted. The Royal Canadian Mint will produce the coins at a cost of 19 cents. The value of the alloy was given by the London Metal Exchange.
Each copper and nickel coin – a copper, nickel, iron and manganese alloy – has sandwich-like metal composition and its total weight is 5 grams and 670 milligrams, with a diameter of 26 millimeters.
On one side it will have designs related to the most important milestones of the Panama Canal and on the reverse side the National Emblem.
The first Panamanian coins were introduced in 1904, after the separation of Panama from Colombia in November 1903.