Watch List notes:

PANAMA (CANAL ZONE): aluminum 50 cents, ND (1919), KM-Tn5, Palo Seco (Leper Colony), center hole, NGC graded AU50, RR. A similar piece, graded only EF-40 by NGC, sold in the Heritage Signature Sale 3032 (April 2014), Lot 25592, for $5500.

Estimate: 5,000-6,000 USD