Panama 1904 5 centesimos
This specimen, struck for Panama by the Philadelphia mint in 1904, inaugurated coinage for the newly independent republic. In the original system, one balboa = 2 U.S. dollars, and 2½ centesimos, 5 centesimos, 25 centesimos and 50 centesimos were struck to this standard 1904-16. In 1930, the system was reorganized and one balboa = one dollar and all new types issued. The United States mint struck coins for Panama using U. S. blanks. Unfortunately, collecting Panamanian coins lost its popularity after the Franklin mint overissued proof sets and commemoratives in the 1970's and 1980's. For years, few Panamanian coins sold for more than melt. The 1904 five centesimos, equal to a United States dime, is common while the 1916 is rare. The 2½ centésimos is known as the "Panama pill."
Recorded mintage: 1,500,000.
Specification: 2.5 g, 0.900 fine silver, .0723 troy oz ASW.
Catalog reference: KM 2.
- Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1901-2000, 47th ed., Iola, WI: Krause Publications, 2019.
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