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SHIPPING AVAILABLE > A mylar sleeve filled with -17- Panamanian coins, as shown ~ All circulated, of varying dates, with some Balboa coins struck in .900 silver, along with bronze, brass and nickel, as well as a somewhat rare Silver 50 Centesimos coin minted in 1904.
Panamanian coinage, closely tied to the balboa, has a unique history rooted in its relationship with the United States. Established in 1904 following Panama's independence from Colombia, the balboa replaced the Colombian peso as the national currency. Initially, Panama issued silver coins in denominations of 2 1/2, 5, 10, 25, and 50 centésimos, mirroring the size and composition of U.S. coins.
Over time, the balboa's coinage evolved. The silver content in coins gradually diminished, replaced by copper-nickel and other alloys due to rising silver prices. Throughout the 20th century, various denominations were introduced and discontinued, aligning with changes in the U.S. currency system.
Today, the balboa and the U.S. dollar coexist as legal tender in Panama, with the balboa pegged to the dollar at a 1:1 exchange rate. The country continues to mint balboa coins in denominations of 1, 5, 10, 25, and 50 centésimos, while paper money is exclusively in U.S. dollars. These coins, though no longer containing silver, often feature national symbols and commemorative designs, reflecting Panama's rich history and cultural heritage.
Although the silver balboa coins are now relics of the past, they serve as a reminder of the early days of Panamanian independence and the nation's unique monetary system. Collectors and numismatists cherish these coins for their historical significance and connection to the balboa, a currency that has played a vital role in Panama's economic development.
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