PAB / ZAR

The Balboa is the official currency of Panama, introduced in 1904 and named after the Spanish explorer Vasco Núñez de Balboa. It is pegged at a one‑to‑one rate with the United States dollar, which also circulates as legal tender; the balboa therefore functions alongside the dollar in everyday transactions.

Only coins are issued by the Banco Nacional de Panamá, in denominations of 1, 5, 10, 25 and 50 centésimos and a 1‑balboa coin. The balboa is subdivided into 100 centésimos, and the coins are minted in the United States, bearing Panama’s coat of arms. Because Panama does not issue its own banknotes, the balboa’s value is effectively anchored to the US dollar, making it a unique example of a dual‑currency system.