Modern coins of Panama

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This thread highlights all of the coins issued by Panama from independence to modern times, with images from Numista and Wikipedia and abridged text from Wikipedia. Images from Numista will include coins of Panama and the United States, in reference of the country's dollarized system.

(Image courtesy of Wikipedia)

Panama, officially the Republic of Panama (Spanish: República de Panamá), is a transcontinental country in Central America, spanning the southern tip of North America to the northern part of South America. It is bordered by Costa Rica to the west, Colombia to the southeast, the Caribbean Sea to the north, and the Pacific Ocean to the south. Its capital and largest city is Panama City, whose metropolitan area is home to nearly half the country's over 4 million inhabitants.

Before the arrival of Spanish colonists in the 16th century, Panama was inhabited by a number of different indigenous tribes. It broke away from Spain in 1821 and joined the Republic of Gran Colombia, a union of Nueva Granada, Ecuador, and Venezuela. After Gran Colombia dissolved in 1831, Panama and Nueva Granada eventually became the Republic of Colombia. With the backing of the United States, Panama seceded from Colombia in 1903, allowing the construction of the Panama Canal to be completed by the United States Army Corps of Engineers between 1904 and 1914. The 1977 Torrijos–Carter Treaties agreed to transfer the canal from the United States to Panama on December 31, 1999. The surrounding territory was first returned in 1979.

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Flag of Panama

The Flag of Panama consists of stars and quarters, both colored blue and red. The blue on one star and quarter represents the Conservatives and the color red on the star and quarter represent the Liberals. The white quarters are said to represent peace for which the rival parties operate.

Coat of arms of Panama

The Coat of arms of Panama consists of the following elements; the Harpy eagle, the national bird of Panama, is depicted on the top of the arms, the supporters of the arms consists of the Flags of Panama, the Coat of arms each depicts the following, in its center is a depiction of the Isthmus of Panama, with its sea and sky, each depicting the moon and sun, symbolizing the solemn rise of the declaration of independence, and green fields, representing the vegetation of Panama, the first quarter of the Coat of arms depicts a saber and rifle, meant as a representations of civil wars and the many causes of ruin, the second quarter of the Coat of arms depicts a shovel and a grub hoe, symbolizing the work to further the progress of developing the country, the third quarter of the Coat of arms depicts a cornucopia, representing a symbol of wealth and on the fourth quarter of the Coat of arms is a depiction of a winged wheel, representing progress. On the ribbon on top of the Coat of arms is the description "Pro Mundi Beneficio" (Latin for "For the Benefit of the World") and on top of the Harpy eagle are ten gold stars, each representing the ten provinces of Panama.

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From Wikipedia: The balboa replaced the Colombian peso in 1904 following the country's independence. The balboa is tied to the United States dollar (which is also legal tender in Panama) at an exchange rate of 1:1 since its introduction and has always circulated alongside dollars.

Panama has never had an official central bank. The National Bank of Panama, one of two government-owned banks, was responsible for nonmonetary aspects of central banking in Panama, assisted by the National Banking Commission (Superintendencia del Mercado de Valores), which was created along with the country's International Financial Center, and was charged with licensing and supervising banks.

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The first coins of Panama after its independence were issued in 1904 in denominations of 2 1/2, 5 and 10 Centésimos, 1/4 and 1/2 Balboa.

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(KM#1, Numista number N#20590) (Images courtesy of Numista)

Introduced into circulation in 1904 was the 2 1/2 Centésimos coin. The obverse side featured a portrait of Vasco Núñez de Balboa and the reverse side featured the Coat of arms of Panama. This coin, minted at the United States Mint in Philadelphia, was the smallest coin ever produced at 10 mm. Its small size has earned it the nickname "Panama pill". This denomination was needed to make 12.5 cents, in reference to the old monetary system of 1 real, when added to a coin worth 10 cents.

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(KM#2, Numista number N#12754) (Images courtesy of Numista)

Issued into circulation in 1904 was the 5 Centésimos coin. The obverse side displayed a portrait of Vasco Núñez de Balboa and the reverse side displayed the Coat of arms of Panama.

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(KM#3, Numista number N#5166) (Images courtesy of Numista; image copyright of Heritage Auctions)

Introduced into circulation in 1904 was the 10 Centésimos coin. The obverse side featured a portrait of Vasco Núñez de Balboa and the reverse side featured the Coat of arms of Panama.

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(KM#4, Numista number N#14205) (Images courtesy of Numista)

Issued into circulation in 1904 was the 25 Centésimos coin. The obverse side presented a portrait of Vasco Núñez de Balboa and the reverse side presented the Coat of arms of Panama.

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(KM#5, Numista number N#14339) (Images courtesy of Numista)

Released into circulation in 1904 was the 50 Centésimos coin. The obverse side displayed a portrait of Vasco Núñez de Balboa and the reverse side displayed the Coat of arms of Panama.

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(KM#6, Numista number N#5260) (Images courtesy of Numista)

Issued into circulation in 1907 was the 1/2 Centésimo coin. The obverse side featured a portrait of Vasco Núñez de Balboa and the reverse side featured the coin's denomination in Spanish.

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(KM#7, Numista number N#2984) (Images courtesy of Numista)

Released into circulation in 1907 was a new version of the 2 1/2 Centésimos coin, now measured at 21 mm. The obverse side presented the Coat of arms of Panama and the reverse side featured the coin's denomination,

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(KM#8, Numista number N#14313) (Images courtesy of Numista; image copyright of Heritage Auctions)

Issued into circulation in 1929 was a new version of the 2 1/2 Centésimos coin. The obverse side presented a portrait of Vasco Núñez de Balboa and the reverse side presented the coin's denomination in Spanish.

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(KM#9, Numista number N#9552) (Images courtesy of Numista; image copyright of Heritage Auctions)

Issued into circulation in 1929 was the 5 Centésimos coin. Minted under the same specifications as the United States nickel, the obverse side featured the Coat of arms of Panama and the reverse side featured the coin's denomination.

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(KM#134, Numista number N#1109) (Images courtesy of Numista; image copyright of Heritage Auctions)

The 5 Centésimos coin circulated in Panama alongside the Buffalo nickel, first introduced in the United States and circulated in Panama to support its dollarized economy.

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(KM#10.1, Numista number N#5258) (Images courtesy of Numista)

Issued into circulation from 1930 to 1962 was the 1/10 Balboa coin. The obverse side featured the Coat of arms of Panama and the reverse side featured a portrait of Vasco Núñez de Balboa.