Panama runs on the U.S. dollar, but it also has its own coin, the balboa, pegged one-to-one with the greenback and named for Vasco Núñez de Balboa, the conquistador who crossed the isthmus and sighted the Pacific in 1513. For roughly seventy years those coins carried real silver, and most were struck at the United States Mint in Philadelphia and San Francisco on the same standards as U.S. dimes, quarters, halves, and dollars. That shared heritage makes Panamanian silver easy to value: a half balboa weighs what a Barber or Walking Liberty half weighs, and a full balboa matches a Morgan dollar almost gram for gram.
This guide covers every silver denomination Panama issued, from the 1904 centésimos to the last .900 balboa, with fineness, weight, and actual silver weight (ASW) for each. To turn those numbers into dollars, you need the current silver spot price, then a bit of arithmetic we walk through below.
Jump to the live calculator: our Panama silver coin melt value calculator prices every coin below against the live spot market and updates as the market moves. Use it to check a single coin or tally a whole roll.
Which Panamanian Coins Are Silver?
Short answer: the 1904 centésimos series, the pre-1966 balboa and fractional balboa coins struck in .900 silver, the 40% silver half balboa of 1966–1971, and the one-year 1970 5-balboa commemorative. Anything dated 1973 or later in general circulation is copper-nickel. Here is the picture by era.
| Era | What to look for | Silver content |
|---|---|---|
| 1904 centésimos | 2½, 5, 10, 25, 50 centésimos | .900 silver |
| 1930–1962 balboa system | Décimo, ¼, ½, and 1 balboa | .900 silver |
| 1966–1971 transition | ½ balboa only | .400 silver (40%) |
| 1970 commemorative | 5 balboas | .925 silver |
| 1973 onward | Circulating balboa and fractions | Copper-nickel, no silver |
A Brief History of Panamanian Coinage
Panama declared independence from Colombia in November 1903 and had coins in hand within a year. The 1904 series was struck by the U.S. Mint and included five silver denominations. The smallest, the 2½ centésimos, measured just 10 millimeters and weighed 1.25 grams. Panamanians nicknamed it the Panama Pill, or pillita, and it holds the distinction of being the smallest coin the United States ever produced. Each carried Balboa’s portrait on the obverse and the national coat of arms on the reverse.
In 1930 Panama reorganized its money around the balboa and rolled out a new fractional set, the décimo (one-tenth balboa), the cuarto (quarter), and the half, all in .900 silver on U.S. dimensions. The full balboa followed: a silver dollar-size coin of 26.73 grams, first struck in 1931 and again in 1934 and 1947, matching the U.S. Peace and Morgan dollars in size and fineness.
The silver came out in stages. When the United States pulled 90% silver from its circulating coinage in 1965, Panama followed. The half balboa dropped to 40% silver for 1966–1971, the same debased clad standard as the 40% Kennedy half dollar. In 1973 the circulating balboa and its fractions switched to copper-nickel, ending silver in everyday Panamanian coins. The 1970 5-balboa commemorative, struck in .925 sterling, was a numismatic issue rather than pocket change.
The 1904 Centésimos Series
Five denominations, all .900 silver, all dated 1904 except the 5 centésimos, which was also struck through 1916. These are small coins, and the smaller ones hold very little metal, so their value often rests as much on condition and collector demand as on melt.
- 2½ Centésimos (Panama Pill): 1904, .900 fine, 1.25 g, ASW 0.0362 oz t
- 5 Centésimos: 1904–1916, .900 fine, 2.5 g, ASW 0.0723 oz t
- 10 Centésimos: 1904, .900 fine, 5.0 g, ASW 0.1447 oz t
- 25 Centésimos: 1904, .900 fine, 12.5 g, ASW 0.3617 oz t
- 50 Centésimos: 1904, .900 fine, 25.0 g, ASW 0.7234 oz t
The Balboa and Fractional Balboa Series (.900 Silver)
Décimo, Cuarto, and Half Balboa
The 1930s fractional set mirrors U.S. silver denominations of the same period. The décimo is dime-sized, the cuarto is quarter-sized, and the half balboa matches a U.S. half dollar. All are .900 fine.
- 1 Décimo (1/10 balboa): 1930–1962, .900 fine, 2.5 g, ASW 0.0723 oz t
- 1/4 Balboa (cuarto): 1930–1962, .900 fine, 6.25 g, ASW 0.1808 oz t
- 1/2 Balboa: 1930–1962, .900 fine, 12.5 g, ASW 0.3617 oz t
1 Balboa (Silver Dollar)
The large .900 silver balboa is the crown of the series. At 26.73 grams it is a true silver dollar, holding 0.7734 troy ounces of silver, the same as a Morgan or Peace dollar. Struck in 1931, 1934, and 1947. The catalog year range runs 1931–1974, but the silver ends well before that closing date: the 1973 and later circulating balboa is copper-nickel, not silver. If your balboa is dated 1947 or earlier, it is .900 silver; a 1973-and-later strike is not.
- 1 Balboa: .900 fine (through 1947), 26.73 g, ASW 0.7734 oz t
The .400 Clad-Era Half Balboa
From 1966 to 1971 the half balboa was struck in 40% silver, the same reduced standard the United States used for the 1965–1970 Kennedy half dollar. It weighs 11.5 grams, identical to the U.S. 40% half, and holds far less silver than its .900 predecessor despite looking much the same.
- 1/2 Balboa (40% silver): 1966–1971, .400 fine, 11.5 g, ASW 0.1479 oz t
The 1970 5 Balboas Commemorative
Panama issued a single large 5-balboa crown in 1970 to mark the Central American and Caribbean Games held in Panama City. Struck in .925 sterling silver at 35.7 grams, it is the heaviest silver coin in the series and the only one in sterling rather than .900 or .400.
- 5 Balboas: 1970, .925 fine, 35.7 g, ASW 1.0617 oz t
Complete Denomination Reference
| Denomination | Years | Fineness | Gross Weight | ASW (oz t) |
|---|---|---|---|---|
| 2½ Centésimos (Panama Pill) | 1904 | .900 | 1.25 g | 0.0362 |
| 5 Centésimos | 1904–1916 | .900 | 2.5 g | 0.0723 |
| 10 Centésimos | 1904 | .900 | 5.0 g | 0.1447 |
| 25 Centésimos | 1904 | .900 | 12.5 g | 0.3617 |
| 50 Centésimos | 1904 | .900 | 25.0 g | 0.7234 |
| 1 Décimo (1/10 balboa) | 1930–1962 | .900 | 2.5 g | 0.0723 |
| 1/4 Balboa (cuarto) | 1930–1962 | .900 | 6.25 g | 0.1808 |
| 1/2 Balboa | 1930–1962 | .900 | 12.5 g | 0.3617 |
| 1/2 Balboa | 1966–1971 | .400 | 11.5 g | 0.1479 |
| 1 Balboa | 1931–1947 | .900 | 26.73 g | 0.7734 |
| 5 Balboas | 1970 | .925 | 35.7 g | 1.0617 |
Circulating balboa and fractional coins dated 1973 and later are copper-nickel and contain no silver.
How to Calculate Melt Value
Melt value is simply the silver content times the market price. The formula:
Melt value = ASW (troy oz) × silver spot price per troy oz
If you know only the fineness and gross weight, derive ASW first:
ASW = gross weight in grams × fineness ÷ 31.1035
Worked example, a .900 half balboa at 12.5 grams:
- ASW = 12.5 × 0.900 ÷ 31.1035 = 0.3617 troy oz
- At a silver price of $30 per troy ounce: 0.3617 × $30 = $10.85 in melt
Swap in the live price and your coin’s ASW for any denomination in the table. The Panama calculator does this automatically against the current market.
How to Identify Panamanian Silver Coins
A few practical checks:
- The 1904 pieces are tiny. The 2½ centésimos is barely larger than a fingernail at 10 mm; the 5 and 10 centésimos are small too. Don’t dismiss a little silver-colored coin as pocket junk before checking the date and denomination.
- Watch the date cutoffs. Centésimos are silver only if dated 1904 (the 5 centésimos through 1916). Balboa-system fractions are silver through 1962. The full balboa is silver in 1931, 1934, and 1947; a 1973-or-later balboa is copper-nickel.
- The .400 vs .900 half balboa. Both look similar and both are half-dollar sized. A half balboa dated 1930–1962 is .900 silver and holds 0.3617 oz. One dated 1966–1971 is only 40% silver at 0.1479 oz, less than half the metal. The date is the tell.
- Edge and ring. Silver coins have a bright, clean reeded edge with no copper stripe. Copper-nickel clad coins from 1973 on often show a coppery core line at the edge.
Buying and Selling
Common-date .900 balboa fractions and the silver dollar-size balboa trade close to melt when circulated, so the spot price does most of the work in setting a fair number. Track it, then apply a dealer’s buy-sell spread. The 40% half balboa is a bullion-tier coin and sells near its 0.1479-ounce content. The 1904 Panama Pill is the outlier: its melt is negligible, but collector demand for the smallest U.S.-struck coin keeps prices well above metal, especially in high grade. The 1970 5-balboa crown is a heavy, attractive sterling piece that sells to both bullion buyers and topic collectors.
When selling, weigh coins yourself, compute melt from the table above, and compare offers against that baseline. When buying, know that certified high-grade 1904 pieces and the scarcer balboa dates carry numismatic premiums that melt math alone won’t explain.
Frequently Asked Questions
Is the Panamanian balboa coin made of silver?
The .900 silver balboa struck in 1931, 1934, and 1947 is a full silver dollar at 26.73 grams. The circulating balboa dated 1973 and later is copper-nickel with no silver.
What is the “Panama Pill”?
It’s the 1904 2½ centésimos, a .900 silver coin just 10 mm across weighing 1.25 grams. Its tiny size earned the nickname pillita, or Panama Pill, and it is the smallest coin the U.S. Mint ever produced.
How much silver is in a half balboa?
It depends on the date. A .900 half balboa from 1930–1962 holds 0.3617 troy ounces of silver. The 40% silver half balboa from 1966–1971 holds only 0.1479 troy ounces.
Why do Panamanian coins match U.S. coin weights?
Panama used the U.S. dollar as legal tender and had its coins struck at the U.S. Mint on U.S. standards. A décimo matches a dime, a half balboa matches a half dollar, and the balboa matches a silver dollar.
Are 1973 and later balboas worth anything for silver?
No. Circulating balboa and fractional coins from 1973 onward are copper-nickel and carry no silver melt value.
What is the 1970 5 balboas coin?
A one-year .925 sterling silver commemorative for the 1970 Central American and Caribbean Games, weighing 35.7 grams with 1.0617 troy ounces of silver, the heaviest silver coin Panama issued.
Ready to price your coins? Open the Panama silver coin melt value calculator to value any denomination above against the live silver market in seconds.
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