Panama is the Central American country whose official currencies include the balboa.
The Panamanian balboa was introduced in 1904, shortly after Panama separated from Colombia. It was named for Vasco Núñez de Balboa, the Spanish explorer associated with the first European sighting of the Pacific Ocean from the Americas. One balboa is divided into 100 centésimos.
Panama’s monetary system is unusual because the balboa has circulated alongside the United States dollar at a fixed one-to-one value since its introduction. Panama issues its own coins, but U.S. dollar banknotes serve as the country’s paper money. This means visitors may receive a mixture of U.S. coins and Panamanian coins in ordinary change.
A common mix-up is assuming the balboa is used throughout Central America because the name sounds like a regional currency. It is specifically Panamanian; neighboring Guatemala, Nicaragua, and Costa Rica use the quetzal, córdoba, and colón, respectively.