Watch List notes:

Panama, copper-nickel 2-1/2 centesimos, 1916, encapsulated NGC MS 63, ex-Richard Stuart (stated inside slab). KM-7.2. Golden toning and muted luster, minor bagmarks only. This date is the only authorized striking for this series, as the 1918-dated issues (see next lot) were unauthorized and nearly all melted. Pedigreed to the Richard Stuart collection. (Estimate: $80 - 120)