The panther cowry is one of only two species currently included in the genus Cypraea (the second species is Cypraea tigris, Linnaeus, 1758), as all other species previously belonging to the genus Cypraea have been reassigned to other genera within the family Cypraeidae. This quite common species looks very similar to Cypraea tigris, but its shell is more slender and lighter. However, the basic colors of the shell are very variable, as they range from melanic or chestnut red to albino. The lower margins are rounded and the ventral side is white or whitish, with several long and fine teeth along the aperture.

In live animals the mantle is thin and quite transparent, with many longitudinal slight lines and numerous long and white sensorial papillae. The lateral extensions of the mantle may cover the shell completely, meeting at the midline of the dorsum. The mantle can also be withdrawn into the shell opening when the cowry is threatened. The panther cowry is endemic to the Red Sea (off Egypt and Sudan), Gulf of Aqaba, Dahlak Islands and Gulf of Aden). Its range does not overlap with Cypraea tigris. This species has also become established in the Mediterranean Sea (Lampedusa Island and Malta), probably having entered through the Suez Canal. Cypraea pantherina lives in clear water at 3–40 metres (9.8–131.2 ft) of depth, mainly on coral colonies or sandy sea floor, feeding on coral polyps, various invertebrates and algae, but also on dead organic matter.

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