The VN Balboa refers to the Panamanian Balboa, the official currency of Panama.
Here’s some information about the VN Balboa coin:
- Named after: It is named after Vasco Núñez de Balboa, a Spanish explorer and conquistador who was the first European to see the Pacific Ocean from the Americas.
- Replaced: The Balboa replaced the Colombian peso in 1904, following Panama’s independence from Colombia.
- Dual Currency System: The Panamanian Balboa is part of a dual currency system with the US dollar. The US dollar circulates widely and is also legal tender.
- Pegged to the US Dollar: The Balboa is pegged to the United States dollar at a fixed rate of 1:1, [meaning one dollar equals one balboa] . This provides economic stability for Panama.
- Coinage: The Balboa is primarily issued in coin form, with denominations including 1 and 5 centésimos, and 1⁄10, 1⁄4, 1⁄2, and 1 balboa.
- No Balboa Banknotes: While banknotes were introduced briefly in 1941, they were quickly recalled, and the US dollar is now used for paper currency and larger transactions. The recalled banknotes, known as “Seven Days’ Notes,” are valuable collector’s items.
- Features: Balboa coins feature various national symbols and historical figures. The 1 balboa coin often depicts Vasco Núñez de Balboa himself. The reverse side typically features the shield of Panama, except for the 1-cent coin, which shows an image of Urracá, an indigenous chief.
- Similarity to US Coins: Panamanian coins share the same size, weight, and composition as their US counterparts, making them interchangeable in daily transactions.
In essence, the VN Balboa represents the co-circulating coins in Panama alongside the readily accepted US dollar, both serving as official currencies and contributing to the nation’s stable economic environment.
Are Panama Balboa coins silver?
Great question! 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.
Is a 1966 balboa silver?
Thanks for asking. Add to your coin collection with this set of two 1966 Panama Balboa silver coins. These uncirculated coins have a fineness of 0.9 and are composed of silver. The obverse side features the coat of arms of Panama while the reverse side displays the denomination of the coin.