Panamanian balboa
Encyclopedia
The balboa is, along with the United States dollar
, one of the official currencies
of Panama
. It is named in honor of the Spanish
explorer/conquistador
Vasco Núñez de Balboa
. The balboa is subdivided into 100 centésimos.
in 1904 following the country's independence. The balboa has been tied to the United States dollar (which is legal tender
in Panama) at an exchange rate
of 1:1 since its introduction and has always circulated alongside dollars.
In 1966, Panama followed the U.S. in changing the composition of their silver coins, with cupro-nickel-clad-copper and ¼ balboa and .400 fineness ½ balboa. 1 balboa coins were issued that year for the first time since 1947. In 1973, cupro-nickel-clad-copper ½ balboa were introduced. Further issues of the 1 balboa have been made since 1982 in cupro-nickel without reducing the size.
Modern 1 and 5 centésimos and , ¼ and ½ balboa coins are the same weight, dimensions and composition as the U.S. cent
, nickel
, dime
, quarter
and half-dollar
, respectively. In 2011 new 1 and 2 balboa bi-metal coins were issued
In addition to the circulating issues, commemorative coins with denominations of 5, 10, 20, 50, 75, 100, 150, 200 and 500 balboas have been issued.
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
, one of the official currencies
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of Panama
Panama
Panama , officially the Republic of Panama , is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The...
. It is named in honor of the Spanish
Spanish people
The Spanish are citizens of the Kingdom of Spain. Within Spain, there are also a number of vigorous nationalisms and regionalisms, reflecting the country's complex history....
explorer/conquistador
Conquistador
Conquistadors were Spanish soldiers, explorers, and adventurers who brought much of the Americas under the control of Spain in the 15th to 16th centuries, following Europe's discovery of the New World by Christopher Columbus in 1492...
Vasco Núñez de Balboa
Vasco Núñez de Balboa
Vasco Núñez de Balboa was a Spanish explorer, governor, and conquistador. He is best known for having crossed the Isthmus of Panama to the Pacific Ocean in 1513, becoming the first European to lead an expedition to have seen or reached the Pacific from the New World.He traveled to the New World in...
. The balboa is subdivided into 100 centésimos.
The History of the Panamanian Balboa
The balboa replaced the Colombian pesoColombian peso
The peso is the currency of Colombia. Its ISO 4217 code is COP and it is also informally abbreviated as COL$. However, the official peso symbol is $. As 20 July 2011, the exchange rate of the Colombian peso is 1750 Colombian pesos to 1 U.S. dollar.-History:The peso has been the currency of Colombia...
in 1904 following the country's independence. The balboa has been tied to the United States dollar (which is legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
in Panama) at an exchange rate
Exchange rate
In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...
of 1:1 since its introduction and has always circulated alongside dollars.
Coins
In 1904, silver coins in denominations of 2½, 5, 10, 25 and 50 centésimos were introduced. These coins were weight related to the 25 gram 50 centésimos, making the 2½ centésimos coin 1¼ grams. Its small size led to it being known as the "Panama Pill" or "Panama Pearl". In 1907, cupro-nickel ½ and 2½ centésimos coins were introduced, followed by cupro-nickel 5 centésimos in 1929. In 1930, coins for , ¼ and ½ balboa were introduced, followed by 1 balboa in 1931, which were identical in size and composition to the corresponding U.S. coins. In 1935, bronze 1 centésimo coins were introduced, with 1¼ centésimos pieces minted in 1940.In 1966, Panama followed the U.S. in changing the composition of their silver coins, with cupro-nickel-clad-copper and ¼ balboa and .400 fineness ½ balboa. 1 balboa coins were issued that year for the first time since 1947. In 1973, cupro-nickel-clad-copper ½ balboa were introduced. Further issues of the 1 balboa have been made since 1982 in cupro-nickel without reducing the size.
Modern 1 and 5 centésimos and , ¼ and ½ balboa coins are the same weight, dimensions and composition as the U.S. cent
Cent (United States coin)
The United States one-cent coin, commonly known as a penny, is a unit of currency equaling one one-hundredth of a United States dollar. The cent's symbol is ¢. Its obverse has featured the profile of President Abraham Lincoln since 1909, the centennial of his birth. From 1959 to 2008, the reverse...
, nickel
Nickel (United States coin)
The nickel is a five-cent coin, representing a unit of currency equaling five hundredths of one United States dollar. A later-produced Canadian nickel five-cent coin was also called by the same name....
, dime
Dime (United States coin)
The dime is a coin 10 cents, one tenth of a United States dollar, labeled formally as "one dime". The denomination was first authorized by the Coinage Act of 1792. The dime is the smallest in diameter and is the thinnest of all U.S...
, quarter
Quarter (United States coin)
A quarter dollar, commonly shortened to quarter, is a coin worth ¼ of a United States dollar, or 25 cents. The quarter has been produced since 1796. The choice of 25¢ as a denomination, as opposed to 20¢ which is more common in other parts of the world, originated with the practice of dividing...
and half-dollar
Half dollar (United States coin)
Half dollar coins have been produced nearly every year since the inception of the United States Mint in 1794. Sometimes referred to as the fifty-cent piece, the only U.S. coin that has been minted more consistently is the cent.-Circulation:...
, respectively. In 2011 new 1 and 2 balboa bi-metal coins were issued
In addition to the circulating issues, commemorative coins with denominations of 5, 10, 20, 50, 75, 100, 150, 200 and 500 balboas have been issued.