Panamanian balboa

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For other uses, see Balboa (disambiguation).
Panamanian balboa
Balboa Panameño (Spanish)
50 centavos de balboa.jpg 50 centavos de balboa - reverso.jpg
12 balboa
(front)
12 balboa
(back)
ISO 4217
Code PAB
Denominations
Subunit
1100 1 centesimo de balboa.jpg
Centésimo
Symbol B/.
Banknotes None (U.S. dollars are employed instead, although denominated in balboas)
Coins 1 & 5 centésimos, 110, 14, 12, and 1 balboas
Demographics
User(s)  Panama (alongside the U.S. dollar)
Issuance
Central bank National Bank of Panama
 Website www.banconal.com.pa
Valuation
Pegged with U.S. dollar at par
1 Panama now uses U.S. dollar notes.

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/conquistador Vasco Núñez de Balboa. The balboa is subdivided into 100 centésimos.

Exchange rate[edit]

Current PAB exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

The history of the Panamanian balboa[edit]

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 a legal tender in Panama) at an exchange rate of 1:1 since its introduction and has always circulated alongside dollars.

Coins[edit]

In 1904, silver coins in denominations of 2 12, 5, 10, 25, and 50 centésimos were introduced. These coins were weight-related to the 25 gram 50 centésimos, making the 2 12 centésimos coin 1 14 grams. Its small size led to it being known as the "Panama pill" or the "Panama pearl". In 1907, copper-nickel 12 and 2 12 centésimos coins were introduced, followed by copper-nickel 5 centésimos in 1929. In 1930, coins for 110, 14, and 12 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 14 centésimo pieces minted in 1940.

In 1966, Panama followed the U.S. in changing the composition of their silver coins, with copper-nickel clad 110 and 14 balboa, and .400 fineness 12 balboa. 1 balboa coins, at .900 fineness silver, were issued that year for the first time since 1947. In 1973, copper-nickel clad 12 balboa coins were introduced. 1973 also saw the revival of the 2 12 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 the size.

Modern 1 and 5 centésimos and 110, 14, and 12 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 bimetallic coins were issued.[1]

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.

Banknotes[edit]

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 was established.[2]

The bank was authorized to issue up to 6,000,000 balboas worth of paper notes, but only 2,700,000 balboas were issued on 2 October 1941. A week later, Ricardo Adolfo de la Guardia Arango replaced Arias as president in a coup supported by the United States[citation needed]. The new government immediately closed the bank, withdrew the issued notes, and burned all unissued stocks of same. Very few of these so-called “Arias Seven Day” notes escaped incineration.

See also[edit]

Notes[edit]

  1. ^ http://worldcoinnews.blogspot.com/search/label/panama
  2. ^ Linzmayer, Owen (2012). "Panama". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. 

References[edit]

External links[edit]