Watch List notes:

Republic of Panama, Banco Central Emision, 1941. Republic of Panama, Series of 1941, 1 Balboa, P-22a, black on green and red "Arias" issue, portrait of Balboa, PMG graded 20 Very Fine NET. Foreign substance, tape, split, stains. Scarce, as these were recalled, and most were destroyed.

Estimate: 800 - 1200