Panamanian Balboa (PAB) Profile


1/100, Centésimo
B/.1⁄10, B/.¼, B/.½, B/.1, B/.2, 1 centésimo , 5 centésimos
None (U.S. dollars are employed instead, although denominated in balboas)
National Bank of Panama (

Panama (alongside the U.S.dollar)

Panamanian balboa (PAB) is pegged with USD at par. 

Panamanian balboa users

The Panamanian balboa is the currency of Panama (officially the Republic of Panama). It has been the official currency alongside the United States dollar (USD) since 1904 and has always been tied to the U.S. dollar at par.

Panama is the southernmost country of Central America. The Isthmus of Panama connects North America and South America.

Panama obtained independence from Colombia in 1903. In the same year, in November, Panama signed the Hay-Bunau-Varilla Treaty with the United States. Hence, the United States continued the Panama ship canal construction work which began in 1880 (by France, 1880-1889) and was formally opened on August 15, 1914.

Panamanian balboa history

The Panamanian balboa replaced the Colombian peso in 1904. The United States dollar (USD) became Panama’s other official currency through the Monetary Agreement signed between Panama and the United States on June 20, 1904.

Panamanian balboa coins and banknotes

The Panamanian balboa is subdivided into 100 centésimos. Currently, in circulation, Panamanian balboa coins are in denominations of 1, 5 centésimos, and 1⁄10, ¼, ½, 1 & 2 balboas. The 1904 Monetary Agreement signed between Panama and the United States stated that only silver coins of the Panamanian balboa could be issued, and the banknotes would be employed by the U.S. dollar instead, although denominated in balboas. There were approximately 2 million worth of Panamanian balboa banknotes issued on October 2, 1941, authorized by President Dr. Arnulfo Arias Madrid, but they were recalled and burned right after seven days later. There might be very few "survived" Panamanian balboa notes left in the world, called "Arias Seven Day" notes, which have a high value to collectors.