vg condition,  Obv: Winged Mercury opens Canal locks, through which passes Argo, symbol of navigation, setting sun reflecting on her sails; below vessel "On! / Sail On!"; at lower r. edge Aitken / Fecit.; legend around • To • Commemorate • the • Opening • of • the • Panama • Canal • M•C•M•X•V• Rev: Two females, representing the two hemispheres, entwined about earth and holding in hands cornucopias; below, seagull, bird of Canal Zone; around • Panama-Pacific • International • Exposition • San • Francisco • California • M•C•M•X•V• HK-401 Gilt. NGC MS 65. Census shows 32 in MS65, only 13 higher grade..Extremely rare