5 Centésimos Republic

Panama's coinage has long been entangled with U.S. monetary policy — the Balboa was pegged 1:1 to the dollar at its 1904 introduction and has remained so ever since, meaning Panamanian coins circulate alongside U.S. currency rather than replacing it. By 1978, the country was in the final stretch of negotiations over the torrijos-Carter Treaties, signed the previous year, which set the timetable for Canal Zone transfer. Domestic coinage production during this period carried pointed political weight.