Balboa (currency of Panama)

The balboa is one of the legal tender currencies of Panama, along with the US dollar. Its ISO 4217 code is PAB. It is divided into 100 hundredths.

This is not a fully independent currency, but rather a local version of the US dollar. The Panamanian government issues its own coins denominated in centesimos and balboas equivalent to dollars, although such coins are not legal tender in the United States. This relationship is similar to the Tuvaluan dollar and the Kiribati dollar to the Australian dollar or the Faroese krone to the Danish krone. The balboa is not an independent currency, but a variation of the North American monetary unit.

History

The Balboa has been tied to the value of the US dollar since 1904 when the National Convention of Panama issued Law 84 of June 28 where in its article one it decrees that the balboa as a monetary unit made of 0.900 fine silver with a weight of 1672 milligrams and that the gold dollar of the United States was equivalent to one balboa and was also legal tender. The monetary unit of the Republic will be the Balboa, that is, a gram coin six hundred and seventy-two milligrams (1.672), weighing nine hundred thousandths (0.900) fine, divisible into one hundredths. Paragraph. The gold dollar act of the United States of America and its multiples will be legal tender in the Republic, for its nominal value equivalent to one balboa.

According to the Numismatic Association of Panama, one year after the separation of Colombia, the circulating coins of that country were collected, melted down and made the coins of the new republic. They were made of silver with a purity of 90% and there were 5 different denominations: 2½, 5, 10, 25 and 50 hundredths. The Balboa consisted of two 50-cent coins, known as pesos. In 1931, through an agreement made with the United States, the first gold balboa was issued, with similar characteristics to the US currency of that time.. Panama was the second country^{[citation needed]} in the American continent whose economy was dollarized. By means of decree number 6 of September 30, 1941, the Central Bank of Emission of the Republic of Panama was created and the following day, by means of decree number 103 of October 1, 1941, the circulation of paper money was ordered. fiduciary, which occurred on October 2 of the same year.

Interestingly, the Panama Canal comptroller issued a circular on October 7, in which he indicated that Panamanian paper money could be accepted in all of the canal's offices. Seven days after it was put into circulation, the current government was overthrown and paper money began to be withdrawn from circulation. The notes were cremated in the workshops of the College of Arts and Crafts from June 13 to July 6, 1942. The notes were printed by the Hamilton Bank Note Company. It is estimated that up to 305,000 balboas circulated and that up to 7,000 survived incineration.

Coin of 5 centesimos de balboa coined in honor of Sara Sotillo in 2008 by the National Government.

Additionally, in 2010 the one balboa coin came into circulation, which is on par with the US dollar bill, and 40 million balboas were issued in said currency.

Balboa commemorative of the JMJ 2019.

However, the reception of this coin was negative since the public denounced a forced use of the coin to the detriment of the US bill and for this reason the coin was nicknamed "Martinelli", in reference to the president Panamanian Ricardo Martinelli, to whom the use of the coin was attributed. Additionally, it was planned to mint coins of two and five balboas, but it was later canceled by government decision. Ministry of Economy and Finance (MEF), declared that as of October 8, 2018, coins will circulate for World Youth Day 2019 (WYD), giving continuity to the regulations of Law 78 of 2017 that approved circulation coins, referring to the historic event that took place in Panama in January 2019.

Coins in circulation

Image	Denomination ())	1.a emission	Metal		Diameter	Song	Reverse	Reversal	Nickname
			Ring	Centre
	One hundredth balboa	1996	Cu*Zn		19 mm	Liso	Urracá and year	Facial value	Centavo
	Five cents of balboa	2006	Cuni		21 mm	Liso	Sara Sotillo and Value	Shield and year	A rial
	A tenth of a ball	2008	Ni*Cu		18 mm	Striated	Vasco Núñez de Balboa y facial	National shield and year	A dain. The 10-cent currency of the United States is called "Dime" but pronounces "daim" but with the day to day the Panamanian converted the "daim" pronouncement to "dain".
	A quarter of a ball	2001	Ni*Cu		24 mm	Striated	Vasco Núñez de Balboa y facial	National shield and year	A cuara (in English quarter) The 25-cent currency is called Cuara as in English it is called "Quarter Dollar", with the day to day of the English pronunciation of the Panamanian the word Quarter became Cuara.
	Half balboa	2001	Ni*Cu		30 mm	Striated	Old Panama and Year	National and facial shield	A weight
	A bucket	2011	Ni*Ac	Lat*Ac	26 mm	Discontinued	Vasco Núñez de Balboa y año	National and facial shield	"Martinelli", Since 2011 in Panama began to circulate a coin worth one dollar, of gold and silver colours. Being within the quinquennium of former President Ricardo Martinelli, the people baptized her as "martinelli" which is the last name of the former president.

Other Information:

The current one balboa coin (known as Martinelli) refers to President Ricardo Martinelli since it was his idea to create this currency, it entered circulation in 2011

previously, other presidents such as Mireya Moscoso and Omar Torrijos Herrera had tried to throw a coin with the value of 1 Balboa but they were not as successful as the Martinelli, which is why it is considered more collectible today.