Stack's Bowers & Ponterio
August 2015 ANA Auction - Sessions B-C 14 August 2015
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PANAMA. Republica de Panama. 5 Balboas, 1941. P-23a.
This extremely scarce Five Balboas 1941 series note is one that is frequently missing in even advanced collections. Annual auction appearances are roughly a piece or two and this pleasing Very Fine note retains great color and detail. Blue primary under-printed color and a transition to purple at center and orange guilloche at left and right. A standing vignette of Urraca is found at left and blue color is used on the back. Just a few flecks of rust on otherwise evenly circulated paper. The series is commonly referred to by the nickname "The Arias Issue," which references President Dr. Arnulfo Arias. The President was largely responsible for the introduction of a new article which would authorize official and private banks to circulate paper money and the first and only bank to do so was the Banco Central Emision de la Republica de Panama. The bank received the authority to circulate up to six million Balboas in banknote form, although a little less than half that number was released on October 2, 1941. The most fascinating aspect of this series was the incredibly short period of circulation, lasting over a week. This short stint was due to Dr. Ricardo Adolfo de la Guardia Arango becoming president in a cooperative with the United States. The new leadership quickly closed the bank and withdrew the notes from circulation, at the same time destroying the remaining stocks. The short circulation period resulted in the high rarity of the notes today, especially the higher denominations. PMG Very Fine 25 Net. Rust.
Estimate: $4000.00- $6000.00
This extremely scarce Five Balboas 1941 series note is one that is frequently missing in even advanced collections. Annual auction appearances are roughly a piece or two and this pleasing Very Fine note retains great color and detail. Blue primary under-printed color and a transition to purple at center and orange guilloche at left and right. A standing vignette of Urraca is found at left and blue color is used on the back. Just a few flecks of rust on otherwise evenly circulated paper. The series is commonly referred to by the nickname "The Arias Issue," which references President Dr. Arnulfo Arias. The President was largely responsible for the introduction of a new article which would authorize official and private banks to circulate paper money and the first and only bank to do so was the Banco Central Emision de la Republica de Panama. The bank received the authority to circulate up to six million Balboas in banknote form, although a little less than half that number was released on October 2, 1941. The most fascinating aspect of this series was the incredibly short period of circulation, lasting over a week. This short stint was due to Dr. Ricardo Adolfo de la Guardia Arango becoming president in a cooperative with the United States. The new leadership quickly closed the bank and withdrew the notes from circulation, at the same time destroying the remaining stocks. The short circulation period resulted in the high rarity of the notes today, especially the higher denominations. PMG Very Fine 25 Net. Rust.
Estimate: $4000.00- $6000.00