1/2 Balboa

Panama has no central bank and no currency of its own in the conventional sense — the U.S. dollar has served as the de facto paper currency since 1904, a consequence of the treaty framework surrounding canal construction. The Balboa exists solely as coinage, minted in values that conveniently mirror U.S. denominations and circulate interchangeably with American cents and clad coins.

The KM#129.1 and KM#129.2 distinction reflects a minor modification to the coin's edge or die details introduced at some point within the production run — collectors should verify which subtype is present rather than assuming uniformity across the date range.