The Republic of Panama utilizes a unique dual-currency system where the official currency is the Panamanian Balboa (PAB) , but the United States Dollar (USD) is also legal tender and circulates widely.
Here’s a breakdown of Panamanian coinage:
- Denominations: Panamanian coins are issued in denominations of 1, 5, 10, 25, and 50 centésimos, as well as a 1 balboa coin.
- Relationship with US Coins: These coins are the same size, weight, and composition as their US counterparts (e.g., the 25 centésimos coin is equivalent to a US quarter).
- Appearance: Most Panamanian coins feature a portrait of Vasco Núñez de Balboa, the Spanish explorer for whom the currency is named. The back of the coins typically displays the shield of Panama, except for the 1-centésimo coin, which depicts Urracá, an indigenous chief.
- Commemorative Coins: Panama has also issued commemorative coins in various denominations, including 5, 10, 20, 50, 75, 100, 150, 200, and 500 balboas.
Important to Note:
- Panama does not print its own paper currency; instead, it uses US dollar banknotes for transactions.
- The balboa and the US dollar have a fixed exchange rate of 1:1, meaning one balboa is always equal to one US dollar.
- When making purchases in Panama, you may see prices marked with either a “$” or a “B/”, but they signify the same value, and both US dollars and Balboa coins are accepted.
Are Panama Balboa coins silver?
925 fineness sterling silver 20 balboa coin honoring Simón Bolívar was introduced in 1971, it was the largest legal tender silver coin in the world, containing 3.85 ozt silver and having a 61 mm diameter.
Can you use Panama coins in the US?
Good point! Both Panamanian coins and U.S. coins and dollars can be used in the country, though Panamanian coins generally cannot be used abroad.