View source for Panamanian balboa

{{Short description|Currency}}
{{More citations needed|date=October 2023}}
{{Infobox currency
| local_name1 = Balboa panameño
| local_name_lang1 = es
| image_1 = 50 centavos de balboa.jpg
| image_2 = 50 centavos de balboa - reverso.jpg
| image_title_1 = {{1/2}} balboa<br/>''(front)''
| image_title_2 = {{1/2}} balboa<br/>''(back)''
| iso_code = PAB
| subunit_name_1 = [[Centésimo]]
| unit = balboa
| symbol = B/. or [[฿]].<ref name="DPD">{{cite book |title=Diccionario panhispánico de dudas |publisher=Real Academia Española y Asociación de Academias de la Lengua Española |edition=2.ª (versión provisional) |url=https://www.rae.es/dpd/ayuda/simbolos-o-signos-no-alfabetizables |access-date=16 July 2024 |language=es |chapter=Símbolos o signos no alfabetizables}}. Note that ฿ is also used for the [[Thai baht]].</ref>
| used_banknotes = None (U.S. banknotes are employed instead, although denominated in balboas)
| used_coins = 1 and 5 centésimos, {{frac|1|10}}, {{1/4}}, {{1/2}}, and 1 balboa
| subunit_ratio_1 = {{frac|1|100}}
| banknote_article = 
| date_of_introduction = 1904
| using_countries = [[Panama]] (alongside the [[United States dollar|U.S. dollar]])
| issuing_authority_website = 
| printer = 
| mint = 
| mint_website = 
| pegged_with = [[United States dollar|U.S. dollar]] at par
| footnotes =
}}

The '''balboa''' ([[currency sign|sign]]: '''B/.'''; [[ISO 4217]]: '''PAB''') is, along with the [[United States dollar]], one of the official [[currency|currencies]] of [[Panama]]. It is named in honor of the [[Spanish people|Spanish]] [[List of explorers|explorer]] and [[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 [[dollarization#U.S. dollar|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]].<ref>{{Cite web|url=https://mises.org/library/panama-has-no-central-bank|title=Panama Has No Central Bank|date=24 March 2007}}</ref> 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===
{| class="wikitable"
! style="background:#efefef; text-align:left" | Denomination
! style="background:#efefef; text-align:left" ! colspan="2" | Obverse
! style="background:#efefef; text-align:left" | Reverse
! style="background:#efefef; text-align:left" | Diameter
! style="background:#efefef; text-align:left" | Thickness
! style="background:#efefef; text-align:left" | Mass
! style="background:#efefef; text-align:left" | Composition
! style="background:#efefef; text-align:left" | Edge
! style="background:#efefef; text-align:left" | Minted
|-{{Coin-copper-color}}
| rowspan="2"|'''Un centésimo''' (B/.&nbsp;0.01)
| rowspan="2" | [[File:1 centesimo de balboa.jpg|100px]]
| rowspan="2"|[[Urracá]]
| rowspan="2"|Denomination 
| rowspan="2"|19.05&nbsp;mm
| rowspan="2"|1.55&nbsp;mm
| 3.11 g
| Copper 95%<br>Tin/Zinc 5%
| rowspan="2"|Smooth
| 1935–1982
|-{{Coin-copper-color}}
| 2.50 g
| Copper 2.5%<br>Zinc 97.5%
| 1983–Present
|-{{Coin-silver-color}}
| '''Cinco centésimos de balboa''' (B/.&nbsp;0.05)
| [[File:5 centavos de balboa.jpg|100px]]
| Denomination
| rowspan="4"|[[Coat of arms of Panama|Panamanian Coat of Arms]]
| 21.21&nbsp;mm
| 1.95&nbsp;mm
| 5 g
| Copper 25%<br>Nickel 75%
| Smooth
| 1929–Present
|-{{Coin-silver-color}}
| '''Un décimo de balboa''' (B/.&nbsp;0.10)
| [[File:10 centesimos de balboa.jpg|100px]]
| rowspan="5"|[[Vasco Núñez de Balboa]]
| 17.91&nbsp;mm
| 1.35&nbsp;mm
| 2.268g
| rowspan="4"|Copper 91.67%<br>Nickel 8.33%
| 118 reeds
| rowspan="2"|1966–Present
|-{{Coin-silver-color}}
| '''Un cuarto de balboa''' (B/.&nbsp;0.25)
| [[File:Un cuarto de Balboa.jpg|100px]]
| 24.26&nbsp;mm
| 1.75&nbsp;mm
| 5.67g
| 119 reeds
|-{{Coin-silver-color}}
| '''Medio balboa''' (B/.&nbsp;0.50)
| [[File:50 centavos de balboa.jpg|100px]]
| 30.61&nbsp;mm
| 2.15&nbsp;mm
| 11.34 g
| 150 reeds
| 1973–Present
|-{{Coin-silver-color}}
| rowspan="2"| '''Un balboa''' (B/.&nbsp;1)
| rowspan="2" | [[File:1-balboa-panamc3a1-2011.jpg|100px]]
| Liberty with Panamanian Coat of Arms
| 38.1&nbsp;mm
| 2.58&nbsp;mm
| 22.68 g
| reeded
| 1973–2010
|-{{Coin-yellow-color}}
| Panamanian Coat of Arms
| 26.5&nbsp;mm
| 2&nbsp;mm
| 7.2 g
| Outer ring: Nickel-plated steel<br>Center: Nickel-brass-plated steel
|{{Coin-silver-color}}| reeded with inscription
|{{Coin-silver-color}}| 2011–Present
|}

===Obsolete===
{| class="wikitable"
! style="background:#efefef; text-align:left" | Denomination
! style="background:#efefef; text-align:left" | Obverse
! style="background:#efefef; text-align:left" | Reverse
! style="background:#efefef; text-align:left" | Diameter
! style="background:#efefef; text-align:left" | Thickness
! style="background:#efefef; text-align:left" | Mass
! style="background:#efefef; text-align:left" | Composition
! style="background:#efefef; text-align:left" | Edge
! style="background:#efefef; text-align:left" | Minted
|-{{Coin-silver-color}}
| '''Medio Centesimo de Balboa''' ({{1/2}}¢)<br><small>(No longer used since 1940)</small>
| [[Vasco Núñez de Balboa]]
| Denomination
| 
|
|
| [[Cupronickel|Copper-nickel]]
| Smooth
| 1907
|-{{Coin-copper-color}}
| '''Uno y Cuarto Centesimos''' ({{frac|1|1|4}}¢)<br><small>(No longer used since 1970)</small>
| [[Vasco Núñez de Balboa]]
| Denomination
|
|
|
| Copper 95%<br>Tin/Zinc 5%
| Smooth
| 1940
|-
|-{{Coin-silver-color}}
| rowspan="3"|'''Dos y Medio Centesimos de Balboa''' ({{frac|2|1|2}}¢)<br><small>(No longer used since 1976)</small>
| rowspan="3"|[[Vasco Núñez de Balboa]]
| Panamanian Coat of Arms
| 10&nbsp;mm<ref>{{Cite web|url=https://www.numismaticnews.net/collecting-101/the-tiniest-coins/|title=The Tiniest Coins|date=2 Feb 2024|author=Mark Nenvenuto|publisher=Neumatistic News}}</ref>
|
| 1.25 g
| 90% Silver, 10% copper
| rowspan="3"|Smooth
| 1904
|-{{Coin-silver-color}}
| Denomination
| 18&nbsp;mm
|
| 3.3 g 
| [[Cupronickel|Copper-nickel]]
| 1907–1940
|-{{Coin-silver-color}}
| Panamanian Coat of Arms
| 10&nbsp;mm
| 
| 
| [[Cupronickel|Copper-nickel]]-plated copper
| 1973–1976
|}
In 1904, silver coins in denominations of {{frac|2|1|2}}, 5, 10, 25, and 50 centésimos were introduced. These coins were weight-related to the 25 gram 50 centésimos, making the {{frac|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 {{frac|2|1|2}} centésimo coins were introduced, followed by copper-nickel 5 centésimo coins in 1929. In 1930, coins for {{frac|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 {{frac|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 {{frac|1|10}} and {{1/4}} balboa, and .400 fineness {{frac|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 {{frac|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, {{frac|1|10}}, {{1/4}}, and {{1/2}} balboa coins are the same weight, dimensions, and composition as the U.S. [[cent (United States coin)|cent]], [[nickel (United States coin)|nickel]], [[dime (United States coin)|dime]], [[quarter (United States coin)|quarter]], and [[half dollar (United States coin)|half dollar]], respectively. In 2011, new 1-balboa bimetallic coins were issued{{citation needed|date=October 2020}} that are the same dimensions as the U.S. [[Dollar coin (United States)|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&nbsp;mm diameter and containing 3.85&nbsp;ozt silver.<ref>{{Cite web|url=https://www.coinworld.com/news/world-coins/panama-s-giant-silver-coin-of-the-1970s-paved-the-way.html|title=Panama's giant silver coin of the 1970s paved the way|date=22 June 2015|author=Rita Laws|publisher=Coin World}}</ref>

==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.<ref>{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = Panama | publisher = www.BanknoteNews.com | year = 2012 | location = San Francisco, CA | chapter-url = http://www.banknotebook.com}}</ref>  Arias was deposed in a coup in October and the new banknotes were withdrawn and most destroyed.

[[Banknotes of the United States dollar|U.S. banknotes]] are legal tender in Panama as the main form of cash in the country.

== Exchange rate ==
{{Exchange rate|PAB}}

==See also==
* [[Economy of Panama]]

== References ==
=== Citations ===
{{Reflist}}

=== Sources ===
{{refbegin}}
* {{numis cite SCWC |date = 1991 }}
* {{numis cite SCWPM |date = 1994 }}
{{refend}}

{{Clear}}
{{Panama topics}}
{{Currencies of the Americas}}
{{Currency signs}}
{{Portal bar|Central America|Money|Numismatics|Panama}}

[[Category:Currencies of Central America]]
[[Category:Economy of Panama]]
[[Category:Fixed exchange rate]]
[[Category:Currencies introduced in 1904]]
[[Category:Currency symbols]]
[[Category:Circulating currencies]]