150 Balboas Simon Bolivar

Panama's 1980 gold issues were produced during a politically turbulent stretch following the 1977 Torrijos-Carter Treaties, which formally set the timeline for Canal Zone transfer. The Bolívar commemorative fits within a broader regional series Panama issued through this period celebrating Simón Bolívar, whose 1826 Congress of Panama — held in the city itself — attempted to unify the newly independent Spanish American republics into a single confederation. It failed within months.

The .500 fineness is notably low for a gold commemorative, a deliberate cost-reduction choice that kept face value accessible while still qualifying as a gold issue.