Balboa

Balboa is the official currency of Panama, named after the Spanish explorer Vasco Núñez de Balboa. It was introduced in 1904, replacing the peso, and is subdivided into 100 smaller units called centésimos. Since Panama doesn’t produce its own paper currency, Balboa notes are mostly used alongside U.S. dollar bills, which have been accepted since 1904. Coins are primarily used locally, while U.S. coins and bills circulate freely. The Balboa symbolizes Panama’s national identity and economic stability, functioning mainly as a local currency for small transactions, with the U.S. dollar playing a prominent role in daily commerce.