5 Balboas Republic

Panama's 1978 five balboa issue was struck at the Franklin Mint under a contract arrangement common to many Latin American nations during the 1970s, when foreign minting capacity was routinely engaged for commemorative and collector-grade production. The balboa itself has never circulated independently as paper currency — Panama uses U.S. dollars for that purpose, making the balboa effectively a coin-only denomination since its introduction in 1904.

KM#52 is one of several five balboa types produced across this decade, and distinguishing the specific commemorative purpose of each requires cross-referencing the reverse program rather than the obverse alone.