'Balboa' originates from Spanish, specifically a toponymic surname from places called 'Balboa' in Galicia (Spain). The surname became well known through the explorer Vasco Núñez de Balboa, and the Panamanian currency introduced in 1904 was named 'balboa' after him.

'Balboa' was originally a local place-name in Galicia and a family name; it became widely known in the 16th century through Vasco Núñez de Balboa and later was applied to the Panamanian currency and various place names and cultural uses (dance, fictional characters).

Initially it denoted a place-name or family name; over time it broadened to name a national currency, geographic locations, a dance style, and fictional/personal names.