01/01/2011: Replacement of Paper Banknotes with Polymer Banknotes
Panama replaced the paper banknotes with polymer banknotes to enhance durability and security of the Balboa currency.
15/10/2006: New series of banknotes
Costa Rica introduced a new series of banknotes featuring enhanced security features to combat counterfeiting and modernize the colón currency.
21/05/1991: Free-floating exchange rate
Costa Rica transitioned to a floating exchange rate regime, allowing the colón's value to be determined by market forces.
31/03/1983: Currency Control Law Implemented
Panama implemented a currency control law to regulate the use and circulation of the Balboa and prevent counterfeiting.
09/11/1961: Introduction of the Monetary Reform
Costa Rica implemented a monetary reform, replacing the old colón with a new one at a rate of 1 to 100, to combat inflation.
30/11/1949: Abolition of the army
After the abolition of the army, the Costa Rican government focused on economic development, leading to stable monetary policies for the colón.
15/10/1941: First Issue of Panamanian Balboa Banknotes
The first series of paper banknotes denominated in Balboa were issued by the Panamanian Currency Board.
01/10/1941: Introduction of the Balboa as Legal Tender
The Panamanian government introduced the Balboa as a legal tender, equivalent in value to the US dollar.
14/12/1917: Establishment of the Central Bank of Costa Rica
The Central Bank of Costa Rica was established to oversee monetary policy, including the management of the colón.
01/10/1908: Creation of Panamanian Currency Board
The Panamanian Currency Board was established to issue paper money and stabilize the monetary system.
01/01/1907: Use of US Dollar in Panama
The US dollar became the official currency of Panama due to the presence of American workers during the canal construction.
18/11/1904: Panama Canal Construction Begins
The construction of the Panama Canal started, which would later lead to the need for a national currency.
09/04/1896: Adoption of the gold standard
Costa Rica adopted the gold standard, pegging the value of the colón to gold, leading to currency stability.
18/03/1850: Introduction of the Costa Rican colón
The Costa Rican colón was officially introduced as the currency of Costa Rica to replace the Spanish real.