Catalog
1 Balboa Republic
| Issuer | Panama |
|---|---|
| Year | 1978 |
| Type | Non-circulating coin |
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| Composition | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
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| Reverse description | A three-quarter left-facing portrait bust of Vasco Núñez de Balboa, the Spanish conquistador and explorer, dominates the field, depicted wearing a period conquistador helmet. The legend VASCO NUÑEZ DE BALBOA arcs along the upper periphery of the coin, identifying the subject. The date of issue, 1978, is inscribed in the lower exergue beneath the portrait. The engraving is executed in high relief consistent with Franklin Mint production standards of the period. |
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| Mintage | 1978 FM - - 4,000 |
| Additional information |
Panama's balboa has been pegged 1:1 to the US dollar since 1904, which means the country has never needed — and has never operated — a central bank. The balboa exists almost entirely as coinage; US paper currency serves as Panama's banknotes in practice. This 1978 issue was struck at the Franklin Mint during a period when Panama contracted several foreign mints for its higher-denomination coins, a consequence of having no domestic minting infrastructure.