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 "G . PHILLIPVS . DE" and means "PHILLIP BY THE GRACE OF
GOD". On the example above, only the last few letters of PHILLIPVS and the DE
are legible, and some of the letters did not fit on the planchet. The beads of
the circle do not line up indicating that this cob was struck at least twice
(which was not uncommon), and the die did not land in the same place each time.
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. Although not visible on the example
above, the assayer mark of "P" normally appears next to the monogram on the right,
inside the inner circle of beads. The assayer's mark of "M" is visible, also inside
the inner circle of beads, underneath the monogram.