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In 1966, Panama followed the U.S. in changing the composition of their silver coins, with copper-nickel-clad 1 ⁄ 10 and 1 ⁄ 4 balboa, and .400 fineness 1 ⁄ 2 balboa. One-balboa coins, at .900 fineness silver, were issued that year for the first time since 1947.
The five Panama–Pacific commemorative coins were produced in connection with the 1915 Panama–Pacific International Exposition in San Francisco. Struck at that city's mint , the issue included round and octagonal $50 pieces.
The Panamanian currency is called the Balboa, and his likeness appears on the obverse of most Panamanian coins. His name is also attached to Panama City's main port, Balboa (the Pacific entrance to the Panama Canal) and the Balboa District within Panamá Province to which the Pearl Islands that he discovered belong, and a Panamanian beer.
Until 1979, when the Canal Zone as a solely US territory was abolished under the terms of the Panama Canal Treaties, the town of Balboa was the administrative center of the Canal Zone, and remained so until midday on December 31, 1999, by which time, according to the Torrijos-Carter Treaties, the Panama Canal and all its assets and territories were fully returned to the Panamanian government.
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The customary design on coins is a portrait of a notable individual (living and/or deceased) on the obverse or reverse, unless the subject is depicted on both sides of the coin. Elizabeth II , former Queen of the Commonwealth realms and their territories and dependencies, features on more coins than any other person.
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