The community was known as Smith Springs until 1893 when some Bostonians purchased the land about the five springs here and renamed the town Panacea, after the goddess of universal remedy, because of the curative properties of the waters. The Wakulla County Airport is located approximately 3 miles (4.8 km) south of Panacea. It is the only airport in Wakulla County. Population 816, median income $11,261.
