Below is a catalog
or list of all known Medio Centésimo coins issued by Panama. However, this
denomination was issued only in 1907, so the list is very short!
History of the Denomination
Once Panamá won independence from Colombia, it needed to create a new coinage system that
would fit the needs of the people of Panamá and the be acceptable to the United States
which was about to start construction on the Panama Canal (and intended to pay the majority
of the canal workers in Panamanian money). The system Panama developed
was a hybird between the Colombian pesos that people were used to and the United States
dollar. Several background factors are important to remember:
- Colombia had had several periods of bad inflation, primarily affecting their paper money.
- Silver was relatively cheap, such that a United States silver dollar had less than
50 cents worth of silver in it.
- The exchange rate of Columbian pesos to American dollars was about 2.30 pesos to 1.00
To help facilitate the construction of the Panama Canal, the government of Panamá established
parity or a ratio of one-to-one between Panamanian and American currency. Panamá went on the
gold standard (although no gold coins were issued for the next 70 years) with
one gold Balboa equivalent to one gold American dollar. American money was made legal
tender in Panamá.
Looking back on the inflation of bills issued by Colombia, Panamá selected to issue only coins
and rely on American bills. With silver being so cheap and desiring to impress the world with
a stable currency, Panamá choose to put twice as much silver in its coins as the United States
had at that time. Thus Panamá's first coins were similar in size to the next highest denomination
of American coins. The Panama five centésimos coin was about the size of an American dime,
the Panama ten centésimos coin was about the size of an American quarter, the Panama twenty-five
centésimos coin was about the size of an American half-dollar and the Panamá fifty centésimos coin
was about the size of an American silver dollar.
This double-size coinage made the replacement of the Columbian coins easier. The exchange rate
of 2.30 pesos to one Balboa was not too far from 2 to 1. So the new crown-size fifty centésimos
coin was worth just a little more than the Colombian peso. In fact, the fifty centésimos coin
is called a peso to this very day. The new half-crown-size twenty-five centésimos was worth
just a little more than the Colombian half peso, and so on down the line. Interestingly
those who could not read the denominations on the Panamanian coins, such as illiterate Panamanians
and Americans who could not read Spanish, thought there was a 2 to 1 exchange rate between
Panamanian and American money. Some of the early Canal histories include this error.
Initially Panama's smallest denomination was the 2˝ centésimos coin. However, the need for
something smaller became evident, and in 1907 the medio centésimo was issued. Keeping in mind
the double-size coinage scheme they had in place, Panamá selected to issue a half cent coin.
It was slightly smaller than an American cent but made of nickel instead of copper.
Around 1917 there was a steep rise in the value of silver due to World War I. It had no effect
on American money, but the precious metal content of the double-size Panamanian money quickly
the face value of the coins. Lots of Panamanian coins were shipped out of the country to be
melted down for their silver content. The Panamanian government acted by doing away with the
double-size coinage and selecting parity of size with American coins. The smallest denomination
issued the next time around was a one centésimo similar in size and metal content to an
American cent. The medio centésimo was never again issued.
Pricing is based on several factors, which ultimately are supply and demand. How
many specimens are available and how many collectors want them. For the medio
centésimo prices, I have obversed and tracked recent sales. These catalog values
are based on retail values (not wholesale).
All the Panama Coins have been designated with the letters "PC",
and grouped by denomination and then by type or variety. Numbers start at PC-005.1
for the medio (half) centésimo coin, progress through PC-01.n for the one centésimo coin through
PC-100.n for the one Balboa coins. Larger denominations incorporate a lowercase b for Balboa.
The number with the "b" start at PC-5b.n for the 5 Balboa coins and progress through
PC-500b.n for the 500 Balboa coins, with one exception. PC-20b.n is used for the silver
20 Balboa coins and PC-21b.n is used for the gold 20 Balboa coins.
Permission is hereby granted to anyone to use the Panama Coin catalog numbers
I have defined on this website in referring to these coins,
in print or electronic media. I would appreciate it if you would acknowledge my contribution
by calling them Plowman's numbers at least once, or referencing www.coins-of-panama.com at
least once in your auction or publication.
I reserve the right to assign all new numbers. Please contact me via
when a new number is needed.
Click on the image or catalog number below to go to the full listing for
Medio Centésimo Panama Coin Catalog
Medio Centésimo of 1907
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