Panama Canal and Pan-Pacific Exhibition Centennial Celebration Act - Directs the Secretary of the Treasury to mint and issue in commemoration of the centennial of the Panama-Pacific International Exposition and the Panama Canal: (1) $5 octagonal gold coins, (2) $5 round gold coins, (3) $2.50 gold coins, (4) $1 gold coins, and (5) half-dollar silver coins.

Urges that the coin designs be close likenesses of the five coins issued by the San Francisco Mint at the opening of the Pan-Pacific Exposition.

Prescribes design requirements.

Authorizes the Secretary to issue circulating clad half dollar coins, in the same design as for the half dollar silver coins. Limits the issue to five consecutive calendar years.

Restricts the issuance of certain coins to the one-year period beginning on January 1, 2017.

Prescribes the sale price of the coins and coin surcharges. Requires such surcharges to be paid by the Secretary to the San Francisco Museum and Historical Society for the design and construction of appropriate exhibitions in the San Francisco Museum and Historical Society.