The currency of Panama is the Panamanian Balboa (PAB), which is pegged to the United States Dollar (USD). The Balboa is subdivided into 100 centésimos, but it exists mainly in coin form, while the U.S. dollar is used as the primary banknote for transactions throughout the country. The Panamanian Balboa was introduced in 1904 to give Panama its own currency during its independence from Colombia, but the widespread use of the U.S. dollar has made it effectively a dual currency system where both are accepted interchangeably in most cases.