1 Centésimo

Panama's small-denomination coinage of this period was struck under contract at the Philadelphia Mint, a arrangement that had been in place since the republic's founding in 1903 — Panama never operated its own mint. The 1935–1937 issues fall within a broader interwar stretch during which Panamanian monetary policy was tightly coupled to the U.S. dollar at par, with the balboa serving as a nominal unit backed entirely by American silver and copper coinage in circulation.

Production quantities for this type were modest, dictated by actual circulation demand rather than speculative mintage planning.