Medallic Art Mints Panama Expansion Project Commemorative Coin
Panama Expansion Project Celebration
After one hundred and two years of fruitful operation, the engineering marvel that is the Panama Canal celebrates another milestone. The canal’s newly constructed third set of locks opens to transit June 27, 2016. The overdue expansion fattens import and export shipping potential and Panama’s role within as a major transshipment hub.
Medallic Art Company is honored to be a part of the Panama Expansion Project by being chosen to mint commemorative coins that immortalize the momentous engineering feat – creating one work of art that pays tribute to another. We take pride in producing skillfully created pieces that not only artfully serve the occasion, but will also endure as lifetime embodiments of history.
Originally completed in 1914, the Panama Canal rocked the shipping industry by saving time, vessels, and lives from the perilous trek around South America’s Cape Horn. With a maritime gate between the Atlantic Ocean and the Pacific, a ship traveling from the east coast of the United States to the west coast saves an approximate 7,872 nautical miles. With that efficiency and lessened danger, the canal’s annual traffic has swollen from 1,000 ships to more than 14,000. Even as early as the 1930s proposals waved in to expand the locks, but none came to life.
Finally, after decades in wait, the expansion of the Panama Canal is realized. Initially built with two sets of locks for each direction, the expansion offers a third set for each. It also spreads the receiving vessel cargo capacity from 5,000 TEUs (Twenty-Foot Equivalent Unit) to 13,000-14,000 TEUs. This allows larger ships with three times as many containers to pass through the locks.
As it has created 30,000 new jobs and will continue bolstering economies with greater import and export potential, the Panama Expansion Project is an enterprise in which Medallic Art Company is proud to be involved. A selection of the Panama Canal commemorative coins will be in attendance for the exclusive inauguration gala held in June.