PANAMA. 2-1/2 Centesimos, 1904. Philadelphia Mint. PCGS MS-64.

KM-1. Minimally toned with premium luster. The smallest coin minted in the United States, the "Panama Pill," so-called on account of its diminutive status and similar size to a medicinal pill, was needed in transactions in order to represent 1 Bit (Real) from the former Spanish colonial coinage system. Pairing a "Pill" with a current 10 Centesimos would equal 12-1/2 Centesimos, the fractional equivalent of a "Piece of Eight."

Estimate: $60.00- $80.00