Panamanian balboa conversion

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Panamanian balboa

Abbreviation/Symbol:

  • Balboa

Worldwide use:

  • Panama

Description:

The Panamanian Balboa is, along with the US dollar, the official currency of Panama. After previous compositions, during the early 1980's the modern 1 and 5 centesimos and 1/10, 1/4, and 1/2 Balboa coins were produced with the same size, weight and dimensions as the US Cent, Nickel, Dime, Quarter and Half Dollar. Early 2011 saw the introduction of the new 1 and 2 Balboa copper-nickel coins. Along with these, commemorative coins with denominations of 5, 10, 20, 50, 75, 100, 150, 200 and 500 Balboas have also been issued.

On 30th September 1941, under the leadership of Dr Arnulfo Arias, the El Banco Central de Emission de la Republica de Panama was established to issue 6,000,000 Balboas in paper notes, in direct conflict with the United States. Six days later, supported by the United States, Arias was disposed, the bank shut and all of the currency was withdrawn and burnt.

Origin:

The Panamanian Balboa replaced the Colombian Peso in 1904 following Panama's independence. It has been tied to the United States Dollar since its introduction. The name for the currency comes from the Spanish explorer Vasco Nunez de Bilboa.

Component units:

  • Centesimos (100)

Date introduced:

  • 1904

Central bank:

  • National Bank of Panama

Printer:

    Mint: