The Panamanian Balboa has a unique history as it circulates alongside the United States Dollar, with both currencies used interchangeably in Panama since 1904. Named after the Spanish explorer Vasco Núñez de Balboa, the Balboa exists only in coin form, while banknotes are issued in dollars. Interestingly, the Balboa does not have its own central bank; Panama does not issue its own paper money and instead relies entirely on the US dollar for banknote transactions. This monetary system has contributed to Panama’s stability, eliminating currency risk in foreign exchange transactions, while the local Balboa coins feature culturally significant engravings, such as the coat of arms and historical figures significant to the nation’s rich heritage.