Republic Of Panama 1977 20 Balboas Proof KM-44 3.8544 Troy Oz Of Sterling Silver (.925). Republic Of Panama 1977 20 Balboas Proof KM-44 3.8544 Troy Oz Of Sterling Silver (.925) At the time, the 20 Balboas were one of the largest silver coins produced. Issued in both proof and uncirculated finishes The coin was struck and packaged by The Franklin Mint under Authorization of the Government of Panama. It comes encapsulated inside original black outer case. The Certificate of Authenticity (COA) is also included. This beautiful 1977 Panama .925 Silver 20 Balboa is the perfect gift for any silver investor who has an interest in South American history. This large-sized 3.854 oz. coin commerate Vasco Núñez de Balboa was a Spanish explorer, governor, and conquistador. He is best known for having crossed the Isthmus of Panama to the Pacific Ocean in 1513, becoming the first European to lead an expedition to have seen or reached the Pacific from the New World. The obverse show 3/4-length armored figure of Vasco Nunez de Balboa, holding high a sword in right hand and flag in left hand. The coin bears the inscription VSCO NUNEZ DE BALBOA. The reverse bears the coat of arms of Panama with the inscription: REPUBLICA DE PANAMA LEY 0.925 · · 20 BALBOAS · ·