10 Balboas Panamanian Red Cross

Panama's Red Cross coinage series commemorates the national society's humanitarian work, though the 10 Balboas denomination exists almost entirely as a collector instrument — the balboa has circulated as a coin only in small denominations since the currency was pegged 1:1 to the US dollar in 1904, a arrangement that has never broken. Panama has never operated a central bank, meaning all collector silver issues of this type are produced under contract by foreign mints rather than any domestic facility.