Panamanian balboa
| Panamanian balboa | |||||
|---|---|---|---|---|---|
| Balboa Panameño (Spanish) | |||||
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| ISO 4217 | |||||
| Code | PAB | ||||
| Denominations | |||||
| Subunit | |||||
| 1⁄100 |
 Centésimo |
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| Symbol | B/. | ||||
| Banknotes | None (U.S. dollars are employed instead, although denominated in balboas) | ||||
| Coins | 1 & 5 centésimos, 1⁄10, 1⁄4, 1⁄2, and 1 balboas | ||||
| Demographics | |||||
| User(s) |
 Panama (alongside the U.S. dollar) |
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| Issuance | |||||
| Central bank | National Bank of Panama | ||||
| Website | www |
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| Valuation | |||||
| Pegged with | U.S. dollar at par | ||||
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1 Panama now uses U.S. dollar notes.
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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.
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.
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 1⁄4 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 centésimos coins were introduced, followed by copper-nickel 5 centésimos 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.
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Wikipedia