Coronado is an interesting and diverse mix of locals and expats. It's certainly possible to get by with English and there are always friendly people to assist when needed. Charades can be fun too.. the local Panamanians are very patient with all of us, and they appreciate the effort.
Learning Spanish is FUN and rewarding on so many levels (even if it's just to keep your brain active and sharp :) . To be able to get to know the locals and ask about their day, their families and have a laugh is lovely. I have many expat friends.. recent arrivals who don't know more than a few Spanish words ("dos cervezas por favor!") and they are fine. Most of them do want to learn more and there are wonderful classes at our local restaurant which are not only informative, but a great way to meet your fellow expat neighbours. There are also some great private tutors.. very affordable! (I have paid $5/hour here vs. $30/hour in Canada for private Spanish lessons.) I have lived here for about 8 years and speak fairly fluently..but I still attend advanced classes for the fun and camaraderie, as well as obviously wanting to be ultimately, completely fluent. Be gentle and patient with yourself.. for sure you can assimilate into the community with only English, I just personally feel that learning "some" Spanish will be rewarding for you in the long run.