Panama Coin List

Panama's official currency is the balboa, which is on par with the U.S. dollar. However, in practice, Panama has used the U.S. dollar as its legal tender since 1904. This unique situation has shaped the country's numismatic history and influenced its economic development.

Current currency in circulation

Although the balboa is the official currency, only fractional balboa coins are minted in denominations of 1, 5, 10, 25 and 50 centésimos. These coins circulate along with U.S. dollar bills and coins. An interesting feature is that Panama does not issue its own banknotes, relying entirely on dollar bills for the higher denominations.

Monetary history and relevant facts

Prior to the adoption of the balboa, Panama used the Colombian peso due to its union with Colombia. In 1904, after independence, the balboa was established as the official currency. An important milestone in Panamanian numismatics was the issuance of the "Seven Days" silver coins in 1941, which circulated briefly before being withdrawn. In addition, Panama has issued several commemorative coins over the years, including a series dedicated to the Panama Canal, which are highly prized by collectors.