Balboa: meaning, definitions and examples
🇵🇦
balboa
[ bælˈboʊ.ə ]
currency unit
The balboa is the official currency of Panama, named after the Spanish explorer Vasco Núñez de Balboa. It is subdivided into 100 centesimos and is pegged to the United States dollar. The balboa was introduced in 1904 when the country adopted the U.S. dollar as legal tender, allowing the balboa to coexist with it. Although the balboa is used for accounting purposes, coins are the main form of circulation since paper bills are predominantly U.S. dollars.
Examples of usage
- I exchanged my dollars for balboa during my trip to Panama.
- The price of this souvenir is twenty balboas.
- You can find both balboa coins and U.S. dollar notes in circulation.
- Understanding the value of balboa is important when budgeting your travel expenses.
Etymology
The balboa was named after Vasco Núñez de Balboa, a Spanish explorer who was the first European to see the Pacific Ocean from the New World. The term 'balboa' was adopted in 1904 when Panama adopted the U.S. dollar as its official currency due to the country's political and economic ties with the United States. While the U.S. dollar became the primary currency used for transactions, the balboa served as a complementary currency primarily for denominations in coin form. The decision to name the currency after Balboa reflects Panama's historical struggle for independence and its relationship with Spain and the Americas. Today's balboa coins carry the image of historical figures and national symbols, solidifying its significance in Panamanian identity and commerce.