Silver Balboa Coins
Want to buy silver balboa coins? Read on for facts and info on silver coins produced in Panama and discover the value of a silver balboa coin…
Silver coins from different nations are collected by people all over the world either for investment purposes or for adding to their coin collection. Amongst the highly sought-after silver coins of the world are the silver balboa coins which are native to the country of Panama. Balboa is the name of the official currency of Panama and is normally denoted as PAB.
The currency gets its unique name from a Spanish explorer by the name of Vasco Núñez de Balboa in whose honor the currency has been named. The balboa is further subdivided into 100 centesimos. The reason why silver balboa coins are regarded as being worthy of collecting is because this was the first currency to replace the Colombian Peso after Panama gained independence in 1904. So in its essence these coins are meant to commemorate the event of gaining independence which is why they are highly valued. It is important to note that along with the balboa the United States dollar is also the legal tender of Panama. In fact the value of the balboa is tied to the United States dollar.
Balboa silver coins were issued in the denominations of 2 1/2, 5, 10, 25 as well as 50 centesimos. The coins had a great ratio of about 25 g of silver to every 50 centesimos. This meant that the 2 1/2 centesimos coin rated at 1 1/4 g. One of the distinguishing factors of silver balboa coins is its unusual small size. In fact these coins acquired the nickname based on their small size which was the Panama Pearl or the Panama pill.
The country issued new relations of Balboa coins in 1907. This time they produced cupro-nickel coins in denominations of half and two and a half centesimos. This was followed up by cupro-nickel coins of 5 centesimos which was introduced in 1929. The following year the country released Balboa coins in denominations of 1/10, 1/4 and 1/4. The one balboa silver coin was introduced in 1931. The coins bore striking resemblance to the US coins that were introduced during the same period of time in terms of their size as well as their composition. In 1935 Panama also released bronze coins and the nomination of one centesimo and 1 1/4 centesimos.
Since the Panama currency was tied to the United States currency they followed the latter in changing the composition and design of their silver coins in 1966. The traditional silver balboa coins were now replaced by cupronickel clad copper 1/10 and 1/4 balboa coins. They had a fine mesh of .400. This was the first time that the balboa coins had been issued with this composition. The main thing of 1 balboa coins is that it continued following 1982 in cupronickel but the size has been greatly reduced.
Today collectors have the opportunity to acquire circulating issues as well as commemorative balboa silver coins that make excellent additions to any coin collection. The different variations of balboa coins vary in terms of their economic value and collectorship status.