Hi guys. Great day here in the Green Mountain State!! I saw some posts about the types of currency they use in Panama. Good thing for us that any currency that is 1 dollar and above is in Good old US currency. During the beginning of the 1900s and up until around 1970's the Balboa was the standard currency in Panama. Now they ONLY use US currency for denominations in 1 dollar and above.
Say for example a person from Europe goes to Panama with Euro currency, they need to exchange their money into US currency, reason being Panamanians are Americans, albiet Central Americans, Americans nonetheless.
Of course they use balboas but it is only for the currency under 1 dollar. For example: On the 1 cent coin (un centavo de balboa, is the face of Urraca panamenian Indian). 5 cents (I believe has the face of the Uracca panamenian Indian as well). 10 cents (un decimo de balboa, has the face of Vasco Nunez de Balboa). Change is at par with our change.
It is like here in Vermont, we have Canadian change here that is on par with our US change, in denominations of 1 cent, 5 cents, 10 cents and 25 cents.
I hope this helps. I love reading the posts!!