| Panamanian balboa balboa panameño (Spanish) |
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| ISO 4217 Code | PAB | ||
|---|---|---|---|
| User(s) | Panama | ||
| Inflation | 2.6% | ||
| Source | The World Factbook, 2006 est. | ||
| Subunit | |||
| 1/100 | centésimo | ||
| Symbol | B./ | ||
| Coins | 1, 5 centésimos, 1⁄10, ¼, ½ balboa | ||
| Banknotes | discontinued 1 | ||
| Central bank | Banco Nacional de Panamá | ||
| Website | www.banconal.com.pa | ||
| 1 Panama now uses U.S. dollar notes. | |||
The balboa is the currency of Panama. Its ISO 4217 code is PAB. It is named in honour of the Spanish explorer/conquistador Vasco Núñez de Balboa. The balboa is subdivided into 100 centésimos.
Contents |
History
The balboa replaced the Colombian peso in 1904 following the country's independence. The balboa has been tied to the U.S. dollar (which is legal tender in Panama) at an exchange rate 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 lead 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 1⁄10, 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 1⁄10 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 1⁄10, ¼ and ½ balboa coins are the same weight, dimensions and composition as the U.S. penny, nickel, dime, quarter and half-dollar, respectively.
Banknotes
Panamanian banknotes, denominated in balboas, were printed in 1941 by President Arnulfo Arias. They were recalled several days later, giving them the name "The Seven Day Dollar." These were the only banknotes issued by Panama and US notes have circulated both before and since.
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See also
References
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
External links
- Don's World Coin Gallery - Panama
- Ron Wise's World Paper Money - Panama Mirror site
- The Global History of Currencies - Panama
- Global Financial Data currency histories table (
Microsoft Excel format) - Panama Coins
- Panama's Currency
- Balboa
- Banking in Panama
- What currency is used in Panama
