1/4 Balboa Republic

Panama's coinage has always operated under an unusual arrangement: the country has no central bank and uses the U.S. dollar as its de facto currency, with Panamanian coins serving only as fractional change. The Balboa was pegged 1:1 to the dollar at its 1904 introduction and has never deviated. This quarter-sized silver piece circulated alongside American quarters interchangeably, and many simply left Panama in tourists' pockets.

KM#19 ran through several years of the 1950s with Philadelphia Mint production — Panama has never operated its own mint.