In 1903, not without the participation of the United States, the territories around the isthmus of Panama seceded from Colombia and declared their independence. The first issue of Panama coins took place in 1904. Like some other states of the American continent, due to the lack of historically established monetary units, the Panamanians had to come up with a name for their currency themselves. The new currency was named Balboa, in honor of Vasco Nunez de Balboa - the first European to cross the Isthmus of Panama and see the Pacific Ocean in 1513.
KM # 2, 5 centesimo 1904, silver 0.900, 1.5 million ex. years of production 1904, 1916
KM # 3, 10 Centesimo 1904, Silver 0.900, 1.1 M Ex., Single Year of Manufacture
All coins of the line have a similar design and differ only in weight and size. As expected, on the obverse of the new coins there is a profile of Vasco Nunez de Balboa himself in combat armor. On the helmet is the motto: Dios, Ley, Libertad (God, Law, Freedom).
In 1907, the silver line of circulating coins was "diluted" with small copper-nickel denominations of ½ centesimo and 2 ½ centesimo .
KM # 6, ½ Centesimo 1907, Copper-Nickel Alloy, 1 M equivalent, only year of manufacture
The coins are original and different from their predecessor twins. On ½ centesimo, the profile of the conquistador and the face value in words (there is no coat of arms of the Republic), on 2 ½ centesimo the coat of arms and face value in numbers (there is no Balboa profile ).
KM # 7.1, 2 ½ centesimo 1907, copper-nickel alloy, 800 thousand equivalent, single year of manufacture
KM # 7.2, 2 ½ centesimo 1916, copper-nickel alloy, 800 thousand equivalent, only year of production
Coins in the 2 ½ centesimo issue of 1907 and 1916 differ from each other in letter spelling of denominations: DOS Y MEDIOS and DOS Y MEDIO, respectively.
In 1929, new copper-nickel coins were issued: 2 ½ centesimo in the third version, and a new denomination of 5 centesimo for Panama.
KM # 8, 2 ½ Centesimo 1929, Copper-Nickel Alloy, 1 M equivalent, Single Year of Manufacture
KM # 9, 5 centesimo 1929, copper-nickel alloy, 500 thousand equivalent, production years 1929, 1932
In 1930, the line of silver coins was updated. Denominations above 5 cents were named in parts of balboa: 1/10, ¼, ½ and 1 balboa.
KM # 10, 1/10 balboa 1932, silver 0.900, 150 thousand exes, production years 1930-1934
KM # 11, Balboa ¼ 1930, silver 0.900, 400 thousand copies, production years 1930-1934
KM # 12, Balboa ½ 1932, silver 0.900, 63 thousand exes, production years 1930-1934
This time, Vasco Nunez de Balboa is depicted in a military helmet of the Morion type, decorated with engravings.
Vasco Nunez de Balboa monument on the Pacific Coast in Panama's capital
These coins in 1947 were once again issued in silver of the same sample, and then, with the preservation of the design, continued to be issued until 1993, but already in copper-nickel.
It should be noted that all this time the Panamanians somehow did without a 1 centesimo coin. Apparently, the value of the blank clearly exceeded the face value of the coin of this denomination. The situation was corrected in 1935 with the release of a 1 centesimo coin .
KM # 14, 1 centesimo 1935, bronze, 200 thousand copies, years of production 1935, 1937
Urraca is the leader of the Veragua Indian tribe. The mountainous areas inhabited by the Urraki tribe were rich in gold. The Spaniards, who decided to seize these lands, met fierce resistance from the local population. Possessing smaller forces and poorly oriented on the ground, the Spanish conquerors decided to act by cunning. Having lured the leader into alleged peace negotiations, they captured him, chained him and brought him to the galleon to be sent to Spain. Somehow, Urraca escaped and continued to resist the Spaniards quite successfully until his death in 1535 (according to other sources in 1531 ).
In 1940, the last coins in our review were released. These were: a coin with a complex face value of 1 ¼ centesimo and the next version of 2 ½ centesimo. Both coins are made in the same style - the letter name of the denomination and the profile of the same Vasco Nunez de Balboa in a Morion helmet with a modified engraving pattern .
KM # 15, 1 ¼ centesimo 1940, bronze, 1.6 million copies, only year of production
KM # 16, 2 ½ Centesimo 1940, Copper-Nickel Alloy, 1.2 M equivalent, Single Year of Manufacture
The review turned out to be short, since during the period under review, from 1903 to 1940, only 17 types of coins of various denominations were issued, 14 of which are presented above.
In conclusion, I will add that the Republic of Panama does not issue its banknotes; American dollars are used as legal tender in the country. Due to the presence of such an important strategic facility as the Panama Canal, the Americans keep the economy of Panama under their control. In 1941, the Republic of Panama decided to issue its own banknotes, but within seven days the interim government was overthrown, and almost the entire circulation of issued banknotes, with the exception of 7,000 copies, was seized and destroyed.