Watch List notes:

Panama, Banco Central de Emison de la Republica, 1 peso, series 1941, rare "Arias" note. SCWPM-22a. Serial 595348. Popular "Arias Issue" or "Seven Day" note that only circulated for a week from Oct. 2 to Oct. 9, 1941. The notes are nicknamed for President Arnulfo Arias who supported their issue and was deposed via a coup in October of 1941 whereupon the notes were withdrawn and many destroyed. Fine example with heavy red ink staining (although original banknote colors are still visible) and some edge splitting though no internal tears or holes. (Estimate: $400 - 600)