The horse is featured on the bottom portion of Venezuela's coat of arms, although, the coat of arms is currently different from the depiction on this coin. (For one thing, the horse is running in the other direction, and looking forward.)
Horse sports, such as polo and horseback riding, are popular in Venezuela, and there are apparently populations of feral horses.
This coin was minted one year only, except according to Krause there was a version Y36a minted in 1960. The "a" means a different metal, but the catalogue (41st edition) states an identical silver content.
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