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Panamanian Official Minted Coins

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New coin  marks start of Panama year 500

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A newly minted 50 cent coin (half a Balboa) will be in circulation in Panama on Wednesday, August 15 to mark the 499th anniversary of the founding of Panama City.

One side of the coin shows the Convent of San José that is inside Panama La Vieja. Some three million coins will be distributed by The National Bank reports the Ministry of Economy and Finance (MEF).

The MEF said that the coin forms part of the collection of coins for the period 2010-2019.

The coin carries an image of the Convent on one side and on the back is the national shield with all current elements such as the Harpy Eagle and 10 stars representing each province.

The funds that arise from the collectible coinage, are donated by law through the National Treasury to the Panama Viejo Board for its preservation, maintenance and to enhance the site as a historical heritage.

La Vieja, founded on August 15, 1519, is the first Hispanic city on the Pacific coast of the American continent, the axis of one of the most important trade routes of the time and starting point of the expeditions that allowed the colonization of Central and South America.

In 1976, the ruins of Panama La Vieja acquired the status of Historical Monumental Complex through Law 91, and in July 2003, UNESCO inscribed Panama Viejo on the World Heritage List, as an extension of the Historic District of Panama.

 

https://www.newsroompanama.com/travel/panama-2/new-coin-marks-start-of-panama-year-500

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No further minting of the “Martinelli” Balboa

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Balboa coin modeled on the Canadian $1 coin known as the "loonie"

Posted 20/07/2019

Panama’s Balboa coin colloquially known as   “the Martinelli”  and on par with the US dollar will not be reminted according to, the Minister of Economy and Finance (MEF), Hector Alexander.

Panama authorities have been deluged with complaints from consumers unable to access machines dispensing tickets and transportation cards.

Alexander  says , the paper money of a dollar has provided strength to the Panamanian economy for a long time.

During the of Ricardo Martinelli administration, a total of 40 million balboa were minted, in Canada and a further 60 million. Including a series of commemorative coins. during the Varela reign

The average production cost is 30 cents per coin, including delivery to Panama. The useful life of the coin is at least 20 years. A paper dollar is has a two-year life span.

 

https://www.newsroompanama.com/business/no-further-minting-of-the-martinelli-balboa

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11 minutes ago, Moderator_02 said:

The average production cost is 30 cents per coin, including delivery to Panama. The useful life of the coin is at least 20 years. A paper dollar is has a two-year life span.

Brilliant.

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It doesn't make economic sense.  A dollar bill costs 5 cents to print.  Even presuming 0% inflation for 20 years, you will spend 50 cents on the same dollar bill.

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Posted (edited)

The other issue with minting coins is that the Panamanian government can introduce new money into the system at 30 cents on the dollar.

 

Edited by Keith Woolford

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Keith and Doug,

I've never thought about minting of coins and printing of paper currency from a life cycle cost perspective. Thanks for enlightening me on this subject.

BTW, there are some dollar bills circulating here in our area that really need to be retired. Is there a bank process for swapping aged bills that are falling apart?

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I remember reading that a substantial batch of Balboa coins was being minted to commemorate the big World Youth confab last January, and that the import of paper one-dollar bills was being suspended for a time so as to promote the wider use of the coins. Aged bills are probably not being retired - the usual law of unintended consequences.

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Panama’s 500th anniversary $2 million historical gaffe

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Bust of Pedro Arias Davila ( Pedrarias) founder of the Panama City

Posted 17/08/2019

During the administration of former president Juan Carlos Varela commemorative coins dropped into circulation like confetti without problems, but the latest  coin  is reportedly a 500th  anniversary $2 million historical error

On Saturday, August 17, The Ministry of Economy and Finance suspended the circulation of the commemorative coin of the 500th anniversary of Panama City while the image of Pedro Arias Dávila, the city’s founder which appears on the front is reviewed and validated. Earlier in the day media reports said that the image was of Francisco Pizarro, conqueror of Peru

The design of that appears on the coin was supplied by the Patronato de Panamá Viejo which also endorsed its final design.

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The issuance of the currency was authorized in November 2009, and its design was approved in 2018.

After meetings between representatives of the Board of Trustees of Panama Viejo, the Numismatic Association of Panama, the National Bank and the MEF, questions arose as to whether the portrait used as a base was that of Pedro Arias Dávila reports La Estrella. His bust stands in Panama Viejo.

The piece is part of the collection of half balboa coins ($ 0.50) authorized in November 2009 to highlight the importance of the Historic Monumental Ensemble of Panama Viejo and commemorate the celebration of the 500 years of Panama City.

These coins have been minted since 2010 and on their obverse they have presented images of the Convent of the Conception, the coat of arms of the Habsburg, the facade of the Royal Houses, to Vasco Núñez de Balboa, Carlos V, the Convent of San José, the Convent of the Society of Jesus and the Convent of San Francisco.

In 2019 it was stipulated to put into circulation three million coins whose cost amounts to $ 1,052,074.36 and a value of seignorage (profit) of $ 447,925.65, which would be donated to the Patronato de Panamá Viejo.

The MEF has not ordered the destruction of the coins and has not yet paid the value of the mintage or the donation to the Patronato de Panamá Viejo. The MEF says it is investigating.

 

https://www.newsroompanama.com/news/panamas-500th-anniversary-2-million-historical-gaffe

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Panama anniversary coin snafu by "uncultured political class"

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Posted 20/08/2019

Panama’s   Ministry of Economy and Finance (MEF) is still pondering  what to do with the sacks of  50 cent coins that were minted  to mark the 500th anniversary of the founding of the city of Panama by Pedro Arias Dávila (Pedrarias Dávila), but mistakenly carried an image of  Francisco Pizarro the conqueror of Peru.

The historian Rommel Escarreola describes the $2 million error as the result of having  “an uncultured political class and  not interested in the historical aspects of the country who “threw themselves into a pool without water”.

The historian's reactions came after La Estrella  revealed that the Ministry had discovered that the coins that were contained an error.

For Escarreola, there are confusions about the images of the Spanish colonizers, especially those that appear on the internet. Pedrarias is often confused with Hernán Cortes, he said.

On Saturday, August 17  the MEF ordered the suspension of distribution of the coins while the  image of Pedro Arias Dávila, was validated.

On Monday, the MEF clarified that the destruction of the currency has not been ordered, nor has Minister Hector Alexander asked the legal team to determine if there are criminal or administrative responsibilities for the error, reports  La Estrella de Panamá.

The design of Pedro Arias Dávila that appears on the coin was supplied by the Patronato Panamá Viejo and this organization also endorsed its final design, explained the MEF in its press release last Saturday.

 

https://www.newsroompanama.com/news/panama-anniversary-coin-snafu-by-quotuncultured-political-classquot-1

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Doubtful image anniversary coins will not be trashed

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Jorge Almengor

Posted 21/08/2019

The 50 cent coins  that were minted to commemorate the anniversary of the founding of Panama City, 500th “will not be destroyed” sais Deputy Minister of Finance, Jorge Almengor, on Wednesday, August 21

Almengor's statement follows the announcement on  August 17 that reported that the  Ministry of Economy and Finance suspended the circulation of coins.

The decision was made while validating that the image of Pedro Arias Dávila, which appears on the front of the coin, is that of the founder of the city.

Almengor said  that after taking the decision not to destroy the coins, various legal considerations are being analyzed.

"Basically we consider that these currencies have to be in the market" but this is subject to legal considerations and a final decision.

Asked if the minting of that 50 cent coin would represent some loss for the Panamanian state Almengor indicated that none because they will not be destroyed.

It must also be determined whether payment was made for the minting of these currencies.

On Tuesday, August 20, the Board of Trustees of Panama Viejo issued a press release claiming that it did not make an error in the use of the image of Arias Dávila. Widely published reports said that the image used was not the city founder but Pizarro the conqueror of Peru.

According to the Board, it is not a mistake to use an image that has already circulated in official textbooks to represent Arias Dávila, especially as during his life  there were no sculptures, portraits or paintings of him

 

https://www.newsroompanama.com/news/doubtful-image-anniversary-coins-will-not-be-trashed

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