Panama seems to specialize in big, bold coins made out of precious metal. The 'ley' annotation means 'by law' and this 1931 specimen is 90 percent pure silver and contains 0.7735 troy ounces of the precious metal.

This page applies to one balboa coins that measure 38 mm in diameter, include annotation VN BALBOA, and have the conquistador on the front as shown in our primary picture. (Note: some one balboa coins have a different view of the conquistador than the view shown in our picture. These coins are made of copper-nickel and are not covered here.) This page also applies to coins with a standing female figure on the back, shown in our primary picture, or a draped shield with eagle and stars on the back, shown in our secondary picture. Be sure to check our appraisal page for 1/10, 1/4, and 1/2 balboa coins because they look very similar but have smaller diameters.

The silver content of one balboa coins changes with the date on the coin:

1931 to 1974: 0.773 troy ounces of silver
1975 to 1982: coins with no silver and different conquistidor not covered here
1983 to 1985, 0.333 troy ounces

To find the value of your coin, first use kitco.com to look up the current value of silver, then multiply that value by the number of troy ounces in your coin (0.773 or 0.333). This is the base value. To the base value add the collector premium, or the amount over silver value collectors are willing to pay. Approximate collector premiums are:

Approximate collector premiums Worn condition before 1947: add $5 Well preserved condition before 1947: add $25 Fully uncirculated before 1947: add $100 Well preserved for coins dated 1947 or 1953: add $25 Fully uncirculated 1947 or 1953: add $40 Worn after 1953: add $0 Well preserved after 1953: add $5 Fully uncirculated after 1953: add $10