A Balboa coin is Panama’s classic coin, named for Vasco Núñez de Balboa, the Spanish explorer who crossed the Isthmus of Panama to the Pacific. The design first appeared on Panama’s Balboa coinage in 1931 — and a 95th anniversary restrike dated 2026 brings it back as a 3 gram .999 fine silver medal, limited to 1,500 pieces.
The classic Balboa design
The obverse portrait is the one collectors know: Balboa in profile, wearing an ornate, engraved morion helmet and period armor, with the legend REACUÑACIÓN DE BALBOA — “restrike of Balboa” — around the rim. The reverse of the 2026 restrike carries a standing allegorical figure with Panama’s shield, inscribed LEY 0.999 GR. 3.00 (fineness .999, 3.00 grams) and the 2026 date.
The original Balboa was a full-size circulating silver coin, struck to the standard of the U.S. half dollar’s bigger brother and used in everyday Panamanian commerce. The 2026 piece is something different: a small, pure-silver tribute medal that reproduces the classic artwork at miniature scale.
The 95th anniversary restrike — specifications
| Specification | Detail |
|---|---|
| Issue | 95th Anniversary Balboa Restrike, dated 2026 |
| Weight | 3 grams |
| Metal | .999 fine silver |
| Mintage | 1,500 pieces |
| Packaging | Protective capsule |
How much silver is in it — and what that is worth
The melt math is simple: 3.00 g × .999 purity = 2.997 g of fine silver, which is 0.0963 troy ounces. At a silver spot price of $52.07 per troy ounce, that is about $5.02 of silver content. The formula — grams × purity ÷ 31.1035 × spot — works for any small silver medal, and our silver coin melt value guide walks through it coin by coin.
Like most limited restrikes, the piece trades on its mintage and artwork rather than its $5 melt floor: 1,500 pieces is a small run for a design with a 95-year collecting history. For melt values of world silver coins by fineness, see the foreign silver coin melt value guide.
Data by Bullion Price Check — silver spot $52.07/ozt as of Nov 8, 2026 (18:57 UTC). Spot excludes shipping and tax and is not a selling price.
Where the Balboa fits in a collection
Panama’s Balboa series is a compact, completable corner of world silver: a handful of classic dates, a famous portrait, and deep ties to U.S. coinage history. The 2026 restrike is an affordable entry point to that design — and a companion to the original 1931 issue rather than a substitute for it. Our coin values hub covers the U.S. series that share the Balboa’s era and standards.
Frequently asked questions
What is a Balboa coin?
A Balboa coin is a coin of Panama denominated in balboas, the country’s currency unit named after explorer Vasco Núñez de Balboa. The classic silver Balboa, first struck in 1931, carries his portrait in a morion helmet.
Is the 2026 Balboa a coin or a medal?
The 2026 95th anniversary piece is a restrike medal: 3 grams of .999 fine silver reproducing the classic design, limited to 1,500 pieces. It is a tribute issue, not a circulating coin.
How much silver is in the 2026 Balboa restrike?
It holds 2.997 grams of fine silver (3.00 g at .999 purity) — about $5.02 of melt value at a $52.07 spot price, before any collector premium.
Why a 95th anniversary in 2026?
Panama’s original Balboa coinage began in 1931, so the design turns 95 in 2026 — the occasion the restrike marks.
Educational content only — not financial advice.