Talk:Panamanian balboa

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Contents 1 Validity of Balboa 2 Central Bank 3 1 Céntesimo coins? 4 Infobox 5 They exist! 6 Fractions or whole numbers? 7 Banknotes

[edit] Validity of Balboa

This page is completely innacurate when it says this:

"The balboa has been tied to the U.S. dollar (which is legal tender in Panama) at an exchange rate of 1:1 since 1904, and balboas can be exchanged for U.S. dollars in Panama at any time at a 1:1 ratio."

The official currency of Panama is the US dollar, but is merely CALLED the "balboa" by some in Panama. Simply calling it a Balboa does not make it so. There simply is no Panamanian currency. Further, it is completely misleading to say that the government has "tied the value of the Balboa to the dollar" because that implies there is some currency in Panama besides the dollar whose value can be so tied.

Panama has been "dollarized" and uses only the US dollar. The term "Balboa" refers to a ficticious entity like a child's "invisible friend". There is no "exchange rate" amongst the same currency.

Argentina's peso is an example of a separate currency whose value was tied 1-to-1 with the US dollar. It has since been de-linked, but even when it was tied to the same value, an official exchange rate computation had to be calculated for, say, credit card purchases, for example. Also, the Argentine peso was a separate currency; you could hold the Argentine pesos in your hand. There are no Panamanian Balboas, anywhere, except in the hands and wallets of every American in the form of US dollars.

Panama has contracted with the US to mint coins equivalent to the US coins, but with Panamanian designs on each side. Thus Panamanian coins have the same color, size, weight, shape, ridges, etc..as US coins and function in US machines that accept coins, and US coins are accepted in Panama as well as the Panamanian coins. The only difference is that Panamanian coins are not accepted by Americans in the US (unless they are not paying close attention, otherwise they look the same but for the face design). --JohnCPope 20:37, 19 July 2006 (UTC)

I just reread and noticed this:

"balboas can be exchanged for U.S. dollars in Panama at any time at a 1:1 ratio"

Please show me ANYONE who can exchange dollars for Balboas. First, who would do it? Since Panama uses US dollars (and since no Balboas exist) THERE AREN'T ANY MONEY CHANGERS! Where would you go? The bank? They only have US dollars. If I wanted to exchange $5 for 5 Balboas, would the teller take my $5 USD-bill and hand it right back to me? The surest way to make a Panamanian roll on the floor laughing is to hold up dollars and ask where you can exchange them for Balboas (unless you are talking about Balboa brand beer, in which case you'll be directed to the local convenience store).

Essentially, if no Balboas exist, YOU CAN'T EXCHANGE DOLLARS FOR THEM! --JohnCPope 17:21, 20 July 2006 (UTC)

Calm down... What these coins, where some of them don't look commemorative and bear the word balboa? --Chochopk 17:36, 20 July 2006 (UTC)

Furthermore, look at the following page [1] from a generally very reliable source. The balboa most definitely exists, in much the same way as currencies like the Jersey pound, Guernsey pound, etc. The only difference is that Panama has always used the name Balboa on its coins and (briefly) banknotes.
Dove1950 19:24, 21 July 2006 (UTC)

[edit] Central Bank

Where is the infobox, and what is the central bank of Panama? --McTrixie/Mr Accountable 13:41, 10 December 2006 (UTC)

[edit] 1 Céntesimo coins?

The infobox says 5 céntesimo is the smallest coin, yet the article mentions 1 centésimo coins with no mention of them being withdrawn. So, are 1 céntesimo coins in use or not? Nik42 03:26, 1 July 2007 (UTC)

http://www.numismaster.com/ta/inside_numis2.jsp?page=PriceGuideInfoDenom it states in this catalog that the coin was last issued in 2001. So would still be in circulation like the U.S 1 cent. Enlil Ninlil 03:56, 27 August 2007 (UTC)

[edit] Infobox

Theres seems to be a disagreement about what should appear in the infobox. My understanding is that it should refer to the current state of the currency. If that is the case, there's no need to refer to banknotes long since withdrawn from circulation.
Dove1950 21:17, 26 August 2007 (UTC)

That is true maybe just state the American dollar banknotes instead! Enlil Ninlil 03:57, 27 August 2007 (UTC)

[edit] They exist!

I am holding VN CVARTO DE BALBOA right now, and it was made in 2001. —Preceding unsigned comment added by 72.149.155.83 (talk) 16:12, 27 October 2007 (UTC)

[edit] Fractions or whole numbers?

In a recent edit, the coin denominations were changed from the fractional 1/10, ¼ and ½ to 10, 25, and 50 centésimos with a note "don't think so, leave someone who has seen the currency in person". The coins in the image clearly have "VN CVARTO DE BALBOA" rather than "25 CENTESIMOS". Are those older coins and the current ones do, indeed, give the value in centésimos rather than fractions of a balboa? If they give the value in fractions, then that's how they should be listed, just as on the United States dollar article coins are listed as "1 dime, ¼ dollar and ½ dollar" because the coins themselves state "ONE DIME", "QUARTER DOLLAR" and "HALF DOLLAR" Nik42 02:07, 11 November 2007 (UTC)

The only recent coins to use the denominations of 10, 25 and 50 centésimos were commemorative pieces only. Circulation coins have long had the fractions written on them. While we're at it, can anyone confirm whether the symbol is B./ or B/.?
Dove1950 21:54, 14 November 2007 (UTC)

Its B/.

There's a problem, though US coins are named "Quarter Dollar" they are still written in numbers in the infobox of the US Dollar coins, with "Quarter" being replaced with "25". 190.140.234.215 21:56, 30 November 2007 (UTC)

Actually, they aren't. If you look at the United States dollar article, coins are listed as "1 cent, 5 cents, 1 dime, $¼, $½, $1" Nik42 01:08, 1 December 2007 (UTC)

Or rather, they were, until recently Nik42 01:09, 1 December 2007 (UTC)

[edit] Banknotes

Paper balboas existed for only 7 days. Saying "discontinued" implies that there was a long history of banknotes that were, at some point, replaced with US paper currency. Shouldn't it simply say "none" instead of "discontinued"? Nik42 01:19, 1 December 2007 (UTC)

"None" suggest they never existed. "Discontinued" means they did exist at a time, but are no longer produced. Panamanian banknotes did in fact exist... yes, for only 7 days, but they still existed. Nothing about the word "discontinued" implies any specific amount of time in use before they were discontinued; it just means that they used to exist, and now they don't, which is indeed the case. 71.237.10.137 (talk) 01:09, 23 May 2008 (UTC)