Panamanian balboa

Infobox Currency
currency_name_in_local = balboa panameño es icon
image_1 =MonedasPA.jpg
image_title_1 = 1 centésimo, frac|10 and ¼ balboa coins
image_2 =
image_title_2 =
iso_code = PAB
using_countries = Panama
inflation_rate = 2.6%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2006 est.
subunit_ratio_1 = 1/100
subunit_name_1 = centésimo
symbol = B/. or B
plural =
plural_subunit_1 =
used_coins = 1, 5 centésimos, frac|10, ¼, ½ balboa
rarely_used_coins =
used_banknotes = discontinued ¹
banknote_article =
issuing_authority = Banco Nacional de Panamá
issuing_authority_website = www.banconal.com.pa
printer =
mint =
mint_website =
footnotes=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".

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 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 frac|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 frac|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 frac|1|10, 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 addition to the circulating issues, commemorative coins with denominations of 5, 10, 20, and 75 balboas have been issued.

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 U.S. notes have circulated both before and since.

ee also

* Economy of Panama

References

*
*

External links

Standard numismatics external links
world_coin_gallery_1_url = Panama
world_coin_gallery_1_name = Panama
banknote_world_1_url = panama
banknote_world_1_name = Panama
dollarization_1_url =
dollarization_1_name =
gfd_1_url = Panama
gfd_1_name = Panama
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y
* [http://www.foreign-money.com/panama-coins.html Panama Coins]
* [http://www.bruce.ruiz.net/Currency/panama_currency_index.htm Panama's Currency]
* [http://www.panaconsul.com/pages/banking.htm Banking in Panama]
* [http://panamafaq.com/faqs/000258.html What currency is used in Panama]