1 Balboa, 1941
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U. S. notes are normally the official currency in Panama. The only Panama notes were issued under the Government of President Arnulfo Arias, thus known as the "Arias" issue. These notes circulated for only 6 days. When the Government was overthrown, the notes were recalled and most were destroyed.
Panama, situated in Central America between Costa Rica and Colombia, was a Spanish colony. It declared its independence in 1821 and joined the Confederation of Greater Colombia. It became a sovereign republic in 1903.