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Panama – ½ Centesimo – 1907

Panama’s currency is the balboa, named after the conquistador who was the first to cross the Panamanian isthmus. When it was first introduced, it was pegged to the US dollar at a rate of 1:2. This meant that Panamanian silver coins needed to be twice as large as their American counterparts. It also meant that half centesimo (cent) coins, equivalent of 1 cent coins in the US, had to be produced.