Panamanian balboa

Short description: Currency

Panamanian balboaBalboa panameño (Spanish)

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​1⁄2 balboa
(front)| ​1⁄2 balboa
(back)
ISO 4217
Code| PAB (numeric: 590)
Subunit| 0.01
Unit
Unit| balboa
Symbol| B/. or ฿.[1]
Denominations
Subunit|
​1⁄100| Centésimo
Banknotes| None (U.S. banknotes are employed instead, although denominated in balboas)
Coins| 1 and 5 centésimos, ​1⁄10, ​1⁄4, ​1⁄2, and 1 balboa
Demographics
Date of introduction| 1904
User(s)|  Panama (alongside the U.S. dollar)
Valuation
Pegged with| U.S. dollar at par

The balboa (sign: B/.; ISO 4217: PAB) is, along with the United States dollar, one of the official currencies of Panama. It is named in honor of the Spanish explorer and conquistador Vasco Núñez de Balboa. The balboa is subdivided into 100 centésimos.

## Contents

* 1 History
* 2 Coins
* 2.1 Current
* 2.2 Obsolete
* 3 Banknotes
* 4 Exchange rate
* 5 See also
* 6 References
* 6.1 Citations
* 6.2 Sources

## History

The balboa replaced the Colombian peso in 1904 following the country's independence. The balboa has been tied to the United States dollar (which is also legal tender in Panama) at an exchange rate of 1:1 since its introduction and has always circulated alongside dollars.

Panama has never had an official central bank.[2] The National Bank of Panama, one of two government-owned banks, was responsible for nonmonetary aspects of central banking in Panama, assisted by the National Banking Commission (Superintendencia del Mercado de Valores), which was created along with the country's International Financial Center, and was charged with licensing and supervising banks.

## Coins

### Current

Denomination  | Obverse  | Reverse  | Diameter  | Thickness  | Mass  | Composition  | Edge  | Minted

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Un centésimo (B/. 0.01)  | 100px  | Urracá  | Denomination  | 19.05 mm  | 1.55 mm  | 3.11 g  | Copper 95%
Tin/Zinc 5%  | Smooth  | 1935–1982
2.50 g  | Copper 2.5%
Zinc 97.5%  | 1983–Present
Cinco centésimos de balboa (B/. 0.05)  | 100px  | Denomination  | Panamanian Coat of Arms  | 21.21 mm  | 1.95 mm  | 5 g  | Copper 25%
Nickel 75%  | Smooth  | 1929–Present
Un décimo de balboa (B/. 0.10)  | 100px  | Vasco Núñez de Balboa  | 17.91 mm  | 1.35 mm  | 2.268g  | Copper 91.67%
Nickel 8.33%  | 118 reeds  | 1966–Present
Un cuarto de balboa (B/. 0.25)  | 100px  | 24.26 mm  | 1.75 mm  | 5.67g  | 119 reeds
Medio balboa (B/. 0.50)  | 100px  | 30.61 mm  | 2.15 mm  | 11.34 g  | 150 reeds  | 1973–Present
Un balboa (B/. 1)  | 100px  | Liberty with Panamanian Coat of Arms  | 38.1 mm  | 2.58 mm  | 22.68 g  | reeded  | 1973–2010
Panamanian Coat of Arms  | 26.5 mm  | 2 mm  | 7.2 g  | Outer ring: Nickel-plated steel
Center: Nickel-brass-plated steel  | reeded with inscription  | 2011–Present

### Obsolete

Denomination  | Obverse  | Reverse  | Diameter  | Thickness  | Mass  | Composition  | Edge  | Minted

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Medio Centesimo de Balboa (​1⁄2¢)
(No longer used since 1940) | Vasco Núñez de Balboa  | Denomination  |  |  |  | Copper-nickel | Smooth  | 1907
Uno y Cuarto Centesimos (​1 1⁄4¢)
(No longer used since 1970) | Vasco Núñez de Balboa  | Denomination  |  |  |  | Copper 95%
Tin/Zinc 5%  | Smooth  | 1940
Dos y Medio Centesimos de Balboa (​2 1⁄2¢)
(No longer used since 1976) | Vasco Núñez de Balboa  | Panamanian Coat of Arms  | 10 mm[3] |  | 1.25 g  | 90% Silver, 10% copper  | Smooth  | 1904
Denomination  | 18 mm  |  | 3.3 g  | Copper-nickel | 1907–1940
Panamanian Coat of Arms  | 10 mm  |  |  | Copper-nickel-plated copper  | 1973–1976

In 1904, silver coins in denominations of ​2 1⁄2, 5, 10, 25, and 50 centésimos were introduced. These coins were weight-related to the 25 gram 50 centésimos, making the ​2 1⁄2 centésimos coin 1.25 grams. Its small size led to it being known as the "Panama pill" or the "Panama pearl". In 1907, copper-nickel ​1⁄2, and ​2 1⁄2 centésimo coins were introduced, followed by copper-nickel 5 centésimo coins in 1929. In 1930, coins for ​1⁄10, ​1⁄4, and ​1⁄2 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 ​1 1⁄4 centésimo pieces minted in 1940.

In 1966, Panama followed the U.S. in changing the composition of their silver coins, with copper-nickel-clad ​1⁄10 and ​1⁄4 balboa, and .400 fineness ​1⁄2 balboa. One-balboa coins, at .900 fineness silver, were issued that year for the first time since 1947. In 1973, copper-nickel-clad ​1⁄2 balboa coins were introduced. 1973 also saw the revival of the ​2 1⁄2 centésimos coin, which had a size similar to that of the U.S. half dime, but these were discontinued two years later due to lack of popular demand. In 1983, 1 centésimo coins followed their U.S. counterpart by switching from copper to copper-plated zinc. Further issues of the 1 balboa coins have been made since 1982 in copper-nickel without reducing its size.

Modern 1, 5 centésimo, ​1⁄10, ​1⁄4, and ​1⁄2 balboa coins are the same weight, dimensions, and composition as the U.S. cent, nickel, dime, quarter, and half dollar, respectively. However, U.S. coins are not legal tender in Panama. In 2011, new 1-balboa bimetallic coins were issued that are the same dimensions as the U.S. dollar coin.

In addition to circulating issues, commemorative coins in denominations of 5, 10, 20, 50, 75, 100, 150, 200, and 500 balboas have also been issued. At the time the .925 fineness sterling silver 20 balboa coin honoring Simón Bolívar was introduced in 1971, it was the largest legal tender silver coin in the world, with a 61 mm diameter and containing 3.85 ozt silver.[4]

## Banknotes

In 1941, President Arnulfo Arias pushed the government to enact Article 156 to the constitution, authorizing official and private banks to issue paper money. As a result, on 30 September 1941, El Banco Central de Emisión de la República de Panamá (Central Bank of Issue of the Republic of Panama) was established.[5] Arias was deposed in a coup in October and the new banknotes were withdrawn and most destroyed.

U.S. banknotes are legal tender in Panama as the main form of cash in the country.

## Exchange rate

Current PAB exchange rates

From Google Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance:  | AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com:  | AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA:  | AUD CAD CHF CNY EUR GBP HKD JPY USD

## See also

* Economy of Panama

## References

### Citations

1. ↑ "Símbolos o signos no alfabetizables" (in es). Diccionario panhispánico de dudas (2.ª (versión provisional) ed.). Real Academia Española y Asociación de Academias de la Lengua Española. https://www.rae.es/dpd/ayuda/simbolos-o-signos-no-alfabetizables. Retrieved 16 July 2024. . Note that ฿ is also used for the Thai baht.
2. ↑ "Panama Has No Central Bank". 24 March 2007. https://mises.org/library/panama-has-no-central-bank.
3. ↑ Mark Nenvenuto (2 Feb 2024). "The Tiniest Coins". Neumatistic News. https://www.numismaticnews.net/collecting-101/the-tiniest-coins/.
4. ↑ Rita Laws (22 June 2015). "Panama's giant silver coin of the 1970s paved the way". Coin World. https://www.coinworld.com/news/world-coins/panama-s-giant-silver-coin-of-the-1970s-paved-the-way.html.
5. ↑ Linzmayer, Owen (2012). "Panama". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. http://www.banknotebook.com.

### Sources

* Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
* Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues (7th ed.). Krause Publications. ISBN 0-87341-207-9.

Template:Panama topics

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Currencies of the Americas

North|

* Bermudian dollar
* Canadian dollar
* Danish krone
* Euro
* Mexican peso
* U.S. dollar

Caribbean|

* Aruban florin
* Bahamian dollar
* Barbadian dollar
* Caribbean guilder
* Cayman Islands dollar
* Cuban peso
* Dominican peso
* East Caribbean dollar
* Euro
* Haitian gourde
* Jamaican dollar
* Trinidad and Tobago dollar
* U.S. dollar

Central|

* Bitcoin
* Belize dollar
* Costa Rican colón
* Guatemalan quetzal
* Honduran lempira
* Nicaraguan córdoba
* Panamanian balboa
* U.S. dollar
* Salvadoran colón(non-circulating)

South|

* Argentine peso
* Bolivian boliviano
* Brazilian real
* Chilean peso
* Colombian peso
* Euro
* Ecuadorian centavo coins
* Falkland Islands pound
* Guyanese dollar
* Paraguayan guaraní
* Peruvian sol
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* Uruguayan peso
* U.S. dollar
* Venezuelan bolívar

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