Balboa Meaning: Definition and Examples
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balboa
[bælˈboʊ.ə ]
Definition
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.
Interesting Facts
Historical Origins
- The term 'balboa' is named after Vasco Núñez de Balboa, the first European to see the Pacific Ocean from the New World in 1513.
- Balboa was originally a Spanish colonizer and explorer, known for his adventures in Panama and conflicts with surrounding tribes.
Currency
- The Balboa is the official currency of Panama, introduced in 1904 after the U.S. helped Panama separate from Colombia.
- Interestingly, the Balboa is pegged to the U.S. dollar, which means they are both used interchangeably in transactions.
Pop Culture
- In modern cinema, the ‘Rocky Balboa’ character is iconic, symbolizing resilience and determination in sports.
- The Balboa dance, originating from the 1920s, reflects the lively spirit of swing dancing and has continued to be popular at dance events.
Geography
- Balboa Park in San Diego, California, is a large urban park filled with museums, gardens, and the famous San Diego Zoo.
- The Balboa Peninsula is a serene coastal area in Newport Beach, California, known for its beautiful beaches and recreational activities.
Linguistics
- The word 'balboa' has roots in Spanish, reflecting the historical influence of Spanish explorers in the Americas.
- In areas where Spanish is spoken, 'balboa' can also relate to local traditions and stories surrounding its namesake.
Origin of 'balboa'
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.