I had heard about the ruins of the old Spanish settlement that grew into Panama City (turns out Captain Morgan ransacked it a few centuries ago and it was never rebuilt on site). It's interesting for historical reasons, but it's really just a bunch of ruins, and there's really not much else going on around there at all. Make a trip of it if you like ruins and feel like walking around a wide-open space in the city (hard to come by, despite a few parks dotting the landscape). Otherwise, you'll probably get more out of a visit to Casco Viejo.
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