A coin from the crossroad of the world

Panama

(Panama joins Central (Latin) and South America. Source: Wikipedia)

Panama is the southern-most country in North America. Bordering Costa Rica on the west, and the Southern American country of Colombia to the east. Panama is a narrow land bridge or isthmus, with the Carribbean Sea to the north, and the Pacific Ocean to the south.

The earliest evidence of humans in South America is 12,500 years old. That means that humans passed through Panama before that. Spearheads found in Panama date back to around 11,000 years ago, making them the first solid evidence of humans in the country.

Panama was far too south for Mayan and Aztec influence. And the thick jungles of the Darien prevented too much influence by the Andean civilizations to the south. The indigenous peoples lived in small villages or survived as hunter gatherers and fishermen. Indeed, the name “Panama” itself comes from an old indigenous word meaning “abundance of fish.”

Like other countries from Venezuela to Jamaica, Cuba, and beyond, Columbus mapped Panama for Spain in 1501. Through the first part of the 16th century, Spain conquered Panama and from there other nearby lands. The settlement which became Panama City was the point where a lot of plundered treasure from the conquest of the Incas ended up before being shipped to Spain.

In the 1700s, Panama was administered as part of the called Viceroyalty of New Granada. This also included Venezuela, Colombia, and Ecuador, and was ruled from the Colombian city of Bogota. When independence was achieved in 1819, what had been the Viceroyalty became the country of Gran Colombia.

In 1902, Colombia was in the middle of a civil war, and the US promised Panama military support for independence. In return, the new republic gave the US control of what was to become the Panama Canal Zone. For more on the Panama Canal, see this coin. In the meantime, the new Republic of Panama was born.

Obverse

The obverse features the coat of arms, with seven stars above, one for each province of the country at the time.

The national coat of arms of Panama consists of a shield divided into four quarters and a rectangle. The upper right quarter shows a crossed sword and gun, symbols of the liberation from Spain and Colombia. The agricultural tools in the upper left quarter symbolise the tools used for making the Panama Canal. The canal itself is shown in the middle rectangle. The lower right quarter contains a horn of plenty (cornucopia), symbol of the richness of the country. The left quarter shows a winged wheel, symbol of traffic. The eagle above the shield is the American eagle, as the USA was the first to recognise Panama as an independent country. The shield is supported by two diagonally arranged national flags on both sides hoisted on a sword.

(Coat-of-arms of Panama, image: WorldAtlas.com)

Reverse

The reverse features the denomination in numerals in the centre, and in text around the edge. There are seven stars, for the seven provinces, below the value. The text reads “DOS Y MEDIO CENTÉSIMOS DE BALBOA”, which translates to “Two and a Half Centésimos of a Balboa”. The currency in Panama since 1904, has been the Balboa. One Balboa is made up of 100 Centésimos. At the time this coin was issued (1916), Panama had six different denominations in circulation: 1/2, 2 1/2, 5, 10, 25 and 50 Centésimos. The 1/2 Centésimo coin was only issued in 1907, and a 1 Centésimo coin did not arrive until 1935.

The currency itself, the Balboa, is named after Vasco Núñez de Balboa, a Spanish Explorer and Conquistador. After unrest among Spanish settlers in the colony at Panama, Balboa was elected as Governor. Hearing of a new sea to the south, Balboa led a trek to discover it. After 24 days and 72 kilometres (45 miles), in September 1513, Balboa became the first European to discover a new ocean. He named it the South Sea; today it is called the Pacific Ocean. On September 29, Balboa went into the water and claimed the sea, its islands, and lands for Spain. He remained here for some time, and then began working his way back to Darien, arriving in January 1514. In Panama, Balboa is seen a kind Conquistador. Juan Carlos Navarro, former Mayor of Panama City, writes: “He was the only one willing to immerse himself in the native culture”. He goes on to say: “In Panama, we recognize the profound significance of Balboa’s achievement and tend to forgive his grievous sins.”