Panamanian Dollar To Us Dollar

Currency of Panama

Panamanian balboa

Balboa panameño (Spanish)


1⁄2 balboa (front)	one⁄2 balboa (back)

ISO 4217

Code

PAB

Number

590

Unit

Symbol

B/.‎

Denominations

Subunit

i⁄100

Centésimo

Banknotes

None (U.South. banknotes are employed instead, although denominated in balboas)

Coins

1, 5, 25 and 50 centésimos, 1⁄10 , 1⁄4 , 1⁄2 , 1 and five balboas

Demographics

User(south)

Panama (alongside the U.Due south. dollar)

Valuation

Pegged with

U.Southward. dollar at par

¹ Panama at present uses U.S. dollar notes.

The balboa (sign: B/.; ISO 4217: PAB) is, forth with the United States dollar, one of the official currencies of Panama. It is named in honor of the Spanish explorer/conquistador Vasco Núñez de Balboa. The balboa is subdivided into 100 centésimos.

History [edit]

The balboa replaced the Colombian peso in 1904 following the state's independence. The balboa has been tied to the United States dollar (which is likewise legal tender in Panama) at an substitution rate of i:1 since its introduction and has always circulated alongside dollars.

Panama has never had an official central bank.^[1] The National Bank of Panama, one of two authorities-owned banks, was responsible for nonmonetary aspects of central banking in Panama, assisted by the National Banking Committee (Superintendencia del Mercado de Valores), which was created along with the state'due south International Financial Center, and was charged with licensing and supervising banks.^[two]

Coins [edit]

Current [edit]

Denomination		Opposite	Diameter	Thickness	Mass	Limerick	Edge	Minted
Un centésimo (B/. 0.01)	Urracá	Denomination	19.05 mm	1.55 mm	3.11 g	Copper 95% Tin/Zinc 5%	Smoothen	1935–1982
Un centésimo (B/. 0.01)	Urracá	Denomination	19.05 mm	1.55 mm	2.50 thou	Copper ii.5% Zinc 97.5%	Smoothen	1983–Present
Cinco centésimos de balboa (B/. 0.05)	Denomination	Panamanian Coat of Arms	21.21 mm	1.95 mm	5 yard	Copper 25% Nickel 75%	Smooth	1929–Present
Un décimo de balboa (B/. 0.ten)	Vasco Núñez de Balboa		17.91 mm	1.35 mm	2.268g	Copper 91.67% Nickel viii.33%	118 reeds	1966–Nowadays
Un cuarto de balboa (B/. 0.25)			24.26 mm	ane.75 mm	5.67g		119 reeds	1966–Nowadays
Medio balboa (B/. 0.l)			30.61 mm	2.15 mm	11.34 g		150 reeds	1973–Nowadays
United nations balboa (B/. ane)		Freedom with Panamanian Coat of Arms	38.1 mm	2.58 mm	22.68 g		reeded	1973–2010
United nations balboa (B/. ane)		Panamanian Coat of Artillery	26.5 mm	2 mm	seven.two g	Outer band: Nickel-plated steel Center: Nickel-brass-plated steel	reeded with inscription	2011–Nowadays

Obsolete [edit]

Denomination	Obverse	Reverse	Diameter	Mass	Composition	Border	Minted
Medio Centesimo de Balboa ( ane⁄two ¢) (No longer used since 1940)	Vasco Núñez de Balboa	Denomination			Copper-nickel	Shine	1907
Uno y Cuarto Centesimos (1+ 1⁄4 ¢) (No longer used since 1970)	Vasco Núñez de Balboa	Denomination			Copper 95% Tin/Zinc 5%	Smooth	1940
Dos y Medio Centesimos de Balboa (ii+ 1⁄2 ¢) (No longer used since 1976)	Vasco Núñez de Balboa	Panamanian Coat of Arms		one.25 g	ninety% Argent, 10% copper	Smooth	1904
		Denomination	18 mm	3.3 grand	Copper-nickel		1907–1940
		Panamanian Coat of Arms	x mm		Copper-nickel-plated copper		1973–1976

In 1904, silvery coins in denominations of ii+ one⁄2 , v, 10, 25, and 50 centésimos were introduced. These coins were weight-related to the 25-gram 50 centésimos, making the two+ i⁄2 -centésimos coin one.25 grams. Its small size led to information technology being known as the "Panama pill" or the "Panama pearl". In 1907, copper-nickel one⁄ii - and 2+ 1⁄ii -centésimo coins were introduced, followed past copper-nickel 5-centésimo coins in 1929. In 1930, coins for 1⁄ten , 1⁄4 , and 1⁄2 balboa were introduced, followed by 1 balboa in 1931, which were identical in size and limerick to the corresponding U.Southward. coins. In 1935, bronze 1-centésimo coins were introduced, with 1+ 1⁄4 -centésimo pieces minted in 1940.

In 1966, Panama followed the U.S. in changing the composition of their silver coins, with copper-nickel-clad ane⁄10 and 1⁄iv balboa, and .400 fineness one⁄2 balboa. One-balboa coins, at .900 fineness silvery, were issued that year for the first fourth dimension since 1947. In 1973, copper-nickel-clad one⁄2 -balboa coins were introduced. 1973 also saw the revival of the ii+ 1⁄ii -centésimos coin, which had a size similar to that of the U.S. half dime, but these were discontinued two years later due to lack of popular demand. In 1983, 1-centésimo coins followed their U.S. analogue by switching from copper to copper-plated zinc. Further issues of the 1-balboa coins have been made since 1982 in copper-nickel without reducing its size.

Modern 1-, v-centésimo, 1⁄10 -, i⁄4 -, and one⁄2 -balboa coins are the same weight, dimensions, and limerick as the U.S. cent, nickel, dime, quarter, and half dollar, respectively. In 2011, new 1-balboa bimetallic coins were issued^{[ citation needed ]} that are the same dimensions equally the U.S. dollar coin.

In add-on to circulating bug, commemorative coins in denominations of 5, 10, xx, 50, 75, 100, 150, 200, and 500 balboas have too been issued. At the fourth dimension the .925 fineness sterling silver 20 balboa money honoring Simón Bolívar was introduced in 1971, it was the largest legal tender silverish coin in the world, containing three.85 ozt silver and having a 61 mm diameter.^[3]

Banknotes [edit]

In 1941, President Arnulfo Arias pushed the authorities to enact Article 156 to the constitution, authorizing official and private banks to issue paper money. As a result, on thirty September 1941, El Banco Central de Emisión de la República de Panamá (Fundamental Bank of Issue of the Republic of Panama) was established.^[4]

The banking concern was authorized to issue up to half dozen,000,000 balboas' worth of paper notes, but but 2,700,000 balboas were issued on 2 Oct 1941. A week later, Ricardo Adolfo de la Guardia Arango replaced Arias every bit president in a coup supported past the United States.^[v] The new government immediately airtight the bank, withdrew the issued notes, and burned all unissued stocks of same. Very few of these so-called "Arias Seven-Day" notes escaped incineration.

Substitution rate [edit]

Current PAB exchange rates
From Google Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From Yahoo! Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From XE.com:	AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From OANDA:	AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD

Encounter too [edit]

Economy of Panama

References [edit]

Citations [edit]

^ "Panama Has No Fundamental Banking concern". 24 March 2007.
^ "Panama - Monetary Policy".
^ Rita Laws (22 June 2015). "Panama'due south giant silver coin of the 1970s paved the way". Coin World.
^ Linzmayer, Owen (2012). "Panama". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
^ "Oft-deposed ex-leader of Panama dies". AP. 1998-08-11.

Sources [edit]

Krause, Chester Fifty.; Clifford Mishler (1991). Standard Itemize of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN0873411501.
Pick, Albert (1994). Standard Itemize of Earth Paper Coin: General Issues. Colin R. Bruce 2 and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN0-87341-207-ix.