Panama’s numismatic history is deeply tied to its strategic location and economic role as a trade and transit hub connecting North and South America. Following its independence from Colombia in 1903, Panama adopted the balboa (PAB) as its official currency, pegged to the US dollar at a 1:1 ratio.
Panama’s coinage has historically been minted abroad, primarily at U.S. mints, given the country’s close economic ties with the United States. Early Panama silver coins bear designs that reflect national pride and significant historical figures, notably explorer Vasco Núñez de Balboa.
Panamanian Silver Coins
Panama’s silver coinage history begins soon after independence, predominantly minted abroad. The coins typically include iconic national symbols and figures.
2½ Centésimos (Silver)
Minted: 1904
- Composition: 90% silver, 10% copper
- Weight: 1.25 grams
- Diameter: 15 mm
- ASW (Actual Silver Weight): 0.0362 troy oz
- Design: Obverse: Vasco Núñez de Balboa wearing a conquistador helmet; Reverse: Denomination within a wreath.
- Minting Location: Philadelphia Mint (USA)
5 Centésimos (Silver)
Minted: 1904
- Composition: 90% silver, 10% copper
- Weight: 2.5 grams
- Diameter: 17.9 mm
- ASW: 0.0723 troy oz
- Design: Balboa portrait obverse, wreath and denomination reverse.
- Minting Location: Philadelphia Mint (USA)
10 Centésimos (Silver)
Minted: 1904
- Composition: 90% silver, 10% copper
- Weight: 5 grams
- Diameter: 17.9 mm
- ASW: 0.1447 troy oz
- Design: Balboa portrait obverse, wreath and denomination reverse.
- Minting Location: Philadelphia Mint (USA)
25 Centésimos (Silver)
Minted: 1904, 1930, 1947, 1953, 1961-1966
- Composition: 90% silver, 10% copper
- Weight: 6.25 grams
- Diameter: 24.3 mm
- ASW: 0.1808 troy oz
- Design: Portrait of Balboa; reverse depicts coat of arms.
- Minting Location: Philadelphia and San Francisco Mints (USA)
50 Centésimos (Half Balboa)
Minted: 1904, 1930, 1947, 1953, 1961-1966
- Composition: 90% silver, 10% copper
- Weight: 12.5 grams
- Diameter: 30.6 mm
- ASW: 0.3617 troy oz
- Design: Balboa in armor on obverse, coat of arms on reverse.
- Minting Location: Philadelphia and San Francisco Mints (USA)
1 Balboa Silver Coin
Minted: 1931, 1947, 1953, 1966
- Composition: 90% silver, 10% copper
- Weight: 26.73 grams
- Diameter: 38.1 mm
- ASW: 0.7734 troy oz (equivalent to U.S. Silver Dollar)
- Design: Balboa in armor on obverse, coat of arms on reverse.
- Minting Location: Philadelphia Mint (USA)
20 Balboas Silver Coin
Minted: 1971-1985 (collector bullion and commemoratives)
- Composition: 92.5% sterling silver, 7.5% copper
- Weight: 129.59 grams
- Diameter: 61 mm
- ASW: 3.8539 troy oz
- Design: Various commemorative and historical themes each year.
- Minting Location: Franklin Mint (USA)
Panama Commemorative Gold Coins
During the 1970s, Panama commissioned the Franklin Mint in Pennsylvania, USA, to produce a series of commemorative gold coins to celebrate historical events, cultural heritage, and national pride. The Franklin Mint was renowned for producing collector-grade coins with exceptional craftsmanship, intricate detail, and high-quality gold content.
These gold coins were part of special collectible sets issued primarily for numismatic and bullion purposes rather than for general circulation.
Minting Locations for Panamanian Coins:
- Philadelphia Mint (USA): Most early-20th-century silver coins.
- San Francisco Mint (USA): Mid-century silver coins.
- Franklin Mint (USA): Produced a wide range of collector’s commemorative and bullion gold and silver coins in the 1970s and 1980s.
Numismatic Importance
Panamanian silver coins are highly regarded for their historical significance, beautiful designs, and reliable precious-metal content. Collectors appreciate the variety in designs, consistent quality, and the historical connection to Panama’s unique place in world history.
Panamanian gold and silver coins are valued beyond their bullion value and are actively collected worldwide.
