1 Balboa Panamanian Red Cross

Panama has maintained a unique monetary arrangement since 1904, when the Hay-Bunau-Varilla Treaty effectively pegged the balboa to the U.S. dollar at par, with American currency circulating freely alongside Panamanian coinage. This piece was issued in support of the Red Cross — an organization with particular operational significance in Panama given the country's role as a transit hub during disasters affecting the wider Central American region.