The Full Wiki

More info on Panamanian balboa

Panamanian balboa: Wikis

Advertisements
  
  

Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! This article doesn't yet, but we're working on it! See more info or our list of citable articles.

Encyclopedia

From Wikipedia, the free encyclopedia

Panamanian balboa
Balboa panameño (Spanish)
1 centésimo, 1⁄10, ¼ and ½ balboa coins
1 centésimo, 110, ¼ and ½ balboa coins
ISO 4217 Code PAB
User(s)  Panama (alongside the U.S. dollar)
Pegged with U.S. dollar at par
Banknotes discontinued 1
Central bank Banco Nacional de Panamá
Website www.banconal.com.pa
1 Panama now uses U.S. dollar notes.

The balboa is the currency of Panama. Its ISO 4217 code is PAB. It is named in honor of the Spanish explorer/conquistador Vasco Núñez de Balboa. The balboa is subdivided into 100 centésimos.

Contents

History

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

Coins

In 1904, silver coins in denominations of 2½, 5, 10, 25 and 50 centésimos were introduced. These coins were weight related to the 25 gram 50 centésimos, making the 2½ centésimos coin 1¼ grams. Its small size led to it being known as the "Panama Pill" or "Panama Pearl". In 1907, cupro-nickel ½ and 2½ centésimos coins were introduced, followed by cupro-nickel 5 centésimos in 1929. In 1930, coins for 110, ¼ and ½ 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 1¼ centésimos pieces minted in 1940.

In 1966, Panama followed the U.S. in changing the composition of their silver coins, with cupro-nickel-clad-copper 110 and ¼ balboa and .400 fineness ½ balboa. 1 balboa coins were issued that year for the first time since 1947. In 1973, cupro-nickel-clad-copper ½ balboa were introduced. Further issues of the 1 balboa have been made since 1982 in cupro-nickel without reducing the size.

Modern 1 and 5 centésimos and 110, ¼ and ½ balboa coins are the same weight, dimensions and composition as the U.S. cent, nickel, dime, quarter and half-dollar, respectively.

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

Panamanian banknotes, denominated in balboas, were printed in 1941 by President Arnulfo Arias. They were recalled several days later, giving them the name "The Seven Day Dollar." The notes were burned after the seven days but some one balboa notes can be found with some collectors. These were the only banknotes issued by Panama and U.S. notes have circulated both before and since.

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.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD

See also

References

External links

Advertisements

Advertisements






Got something to say? Make a comment.
Your name
Your email address
Message