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Encyclopedia > Panamanian balboa
Panamanian balboa
balboa panameño (Spanish)
1 centésimo, 1⁄10 and ¼ balboa coins
1 centésimo, 110 and ¼ balboa coins
ISO 4217 Code PAB
User(s) Panama
Inflation 2.6%
Source The World Factbook, 2006 est.
Subunit
1/100 centésimo
Symbol B./
Coins 1, 5 centésimos, 110, ¼, ½ balboa
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 honour of the Spanish explorer/conquistador Vasco Núñez de Balboa. The balboa is subdivided into 100 centésimos. The word balboa, when used alone, has several possible meanings in the English language: Vasco Núñez de Balboa, Spanish explorer, for whom are named: Balboa (currency), official currency of Panama Balboa, a port city in Panama Balboa, California, a subsection of Newport Beach, California, and also called the Balboa... Image File history File links No higher resolution available. ... Centesimo (plural centesimi) is an Italian word derived from the Latin centesimus meaning hundredth. It was one hundredth of currencies named lira. ... The National Bank of Panama (Spanish: ) is the central bank of Panama. ... USD redirects here. ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ... This list of explorers is sorted by surname. ... A Conquistador (Spanish: []) (English: Conqueror) was a Spanish soldier, explorer and adventurer who took part in the gradual invasion and conquering of much of the Americas and Asia Pacific, bringing them under Spanish colonial rule between the 15th and 19th centuries. ... Vasco Núñez De Balboa (1475–January 15, 1519) was a Spanish explorer, governor, and conquistador. ...

Contents

History

The balboa replaced the Colombian peso in 1904 following the country's independence. The balboa has been tied to the U.S. dollar (which is legal tender in Panama) at an exchange rate of 1:1 since its introduction and has always circulated alongside dollars. Actually, Balboas stop circulating. Dollars are the currency that all people use in Panama. ISO 4217 Code COP User(s) Colombia Inflation 4. ... 1904 (MCMIV) was a leap year starting on a Friday (see link for calendar). ... The United States dollar is the official currency of the United States. ... Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ...


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 lead 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. penny, nickel, dime, quarter and half-dollar, respectively. The United States one-cent coin, commonly called a penny, is a unit of currency equaling 1/100 of a United States dollar. ... The United States five-cent coin, commonly called a nickel, is a unit of currency equaling one-twentieth, or five-hundredths, of a United States dollar. ... A dime is a coin issued by the United States Mint with a denomination of one-tenth of a United States dollar, or ten cents. ... The quarter is 1/4th of a United States dollar or 25 cents. ... The Half Dollar of the United States has been produced nearly every year since the inception of the United States Mint in 1793. ...


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." These were the only banknotes issued by Panama and US notes have circulated both before and since.

Current PAB exchange rates
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See also

Because of its key geographic location, Panamas economy is service-based, heavily weighted toward banking, commerce, and tourism. ...

References

  • Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1. 
  • Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9. 

The Standard Catalog of World Coins is a series of numismatic catalogues that is commonly known as the Krause catalogues in the numismatic trade. ... The Standard Catalog of World Paper Money is a very well-known catalogue of banknotes that is published by Krause Publications in three volumes. ...

External links


  Results from FactBites:
 
Balboa (currency) - Wikipedia, the free encyclopedia (165 words)
The balboa has been tied to the U.S. dollar (which is legal tender in Panama) at an exchange rate of 1:1 since 1903, and balboas can be exchanged for U.S. dollars in Panama at any time at a 1:1 ratio.
The balboa is divided into 100 centésimos; modern 1, 5, 10, 25, and 50 centésimo coins are the same weight, dimensions, and metallic composition as the U.S. penny, nickel, dime, quarter, and half-dollar respectively.
Panamanian bills denominated in balboas have not been printed since 1941, and they are not in circulation.
Panama - Wikipedia, the free encyclopedia (1304 words)
Ostensibly, the death of an unarmed U.S. soldier in plain clothes in Panama at a Panamanian Defence Forces roadblock was one of the precipitating causes for the invasion.
However, according to the Panamanian government at the time, the officer's vehicle attempted to drive through the roadblock which was located near a sensitive military location.
Panamanian nature is to a large extent like the renowned nature of Costa Rica, but less 'developed', ie less touristy.
  More results at FactBites »

 
 

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