'Panama Currency - Balboa' Travel

Panama Currency - Balboa

Tracy from Canada (Contact Member) -

I had no idea that Balboa was the currency of Panama, call me silly but reminds me of Rocky! haha here's some info on the currency in Panama ... the Balboa

The balboa is the official 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 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.

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, and are produced by the United States mint. The National Bank of Panama occasionally places one-balboa coins into circulation, which are the same dimensions as the U.S. Eisenhower dollar.

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 bills have circulated both before and since.

Reply #1 Lee from Montevideo, Uruguay (Contact Member) -

Panama uses U.S. Bills and Balboa coins which seems to be the same size, weight and demonation as US coins. I suspect US coins also circulate.

Make sure you bring small bills. When I entered the smalled I had was a $20 and they didn't have change for the $5 tourist card you need to buy to enter. Fortunately they would take a $20 to buy 2 tourist cards!

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