The central feature of the obverse is a crowned monogram. All the letters for
PHILLIPVS (the king's name) are represented in the monogram.
A border of beads goes around the monogram, and another border of beads
appears next to the edge of the coin. In the area between these bead circles
is the legend "D. G. ISPANIARVM" and means "BY THE GRACE OF
GOD SPAINS" which sounds strange. That is because the legend is continued on the
reverse and does not include the King's name as was usually the case;
the whole legend reads "D. G. ISPANIARVM ET INDIAVM REX" which
"by the grace of God King of the Spains and the Indies." Normally the King's
name was included so the translation would be "Phillip, by the grace of God
King of the Spains and the Indies." At this time
which was shortly after several small kingdoms were combined into one country,
Spain was referred to as "the Spains." On the example above, the
"D.G." and the letters "I", "V" and "M" of ISPANIARVM
are legible; the rest of the letters did not fit on the planchet.
Inside the inner circle of beads, next to the monogram on the left is an "A" over
a "P". This is the Panama mint mark. On the right side of the shield inside
the inner circle of beads is a small "O" over "X". This is the assayer mark.