Head of Liberty, wearing a Phrygian cap, facing left, name of country and lettering "Freedom'' in Spanish around.

The Phrygian cap is a soft conical cap with the top pulled forward, associated in antiquity with several peoples in Eastern Europe and Anatolia, including Phrygia, Dacia, and the Balkans. In early modern Europe it came to signify freedom and the pursuit of liberty through a confusion with the pileus, the felt cap of manumitted (emancipated) slaves of ancient Rome. Accordingly, the Phrygian cap sometimes is called a liberty cap; in artistic representations it signifies freedom and the pursuit of liberty.

Value and date, olive branch on the left.