A Panorama Date (or large date) shows a large date, as the name says.
The display of a date - large or normal - is a representation of a date, you will probably say. But the big date, unlike the "normal" date, is a complex mechanism consisting of 2 round discs, with only the units 1 to 3 on the first disk and the units 0 to 9 on the 2nd disk. This complication requires perfect synchronization between the individual disks. In most cases, each of these 2 disks has its own window on the dial.