The balboa is the official currency of Panama. The currency was introduced in 1904, to replace the Colombian peso.
Its ISO 4217 code is PAB. It is divided into 100 centimes (in Spanish: centésimos). The balboa is legal tender in Panama just like the US dollar. Its symbol is a vertically crossed B, ‹฿›, or alternatively ‹B/. ›.

Created by the National Convention of 1904, the motto honors Spanish explorer Vasco Núñez de Balboa. Since its birth, the balboa has been at par with the US dollar. Panama was the second country in America whose economy was dollarized. Currently in circulation are coins of 1, 5, 10, 25 and 50 cents, which have the same weight, size and composition as American coins. There are no notes: US dollars are used for multiples of 1 balboa.