1 Balboa Silver

Panama's silver Balboa was issued alongside a cupronickel version of the same coin — an unusual dual-composition policy driven by the international silver market and demand from collectors rather than any domestic monetary need. The silver strikes were never intended for circulation and were sold directly to the numismatic market, which explains why survivors almost universally appear in unimpaired condition.

The KM#39.1a designation distinguishes the .925 fine silver strikes from the clad business strikes of the same type. Panama's coinage authority relied heavily on the Franklin Mint during this period for collector issues.