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.
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.