Watch List notes:

PANAMA:5-piece SET of initial 1904 silver coinage: KM-1 2½ centesimos (Panama Pill) MS-62; KM-2 5 centesimos MS-66; KM-3 10 centesimos MS-62; KM-4 25 centesimos MS-63; and KM-5 50 centesimos MS-63, all NGC graded, some with light tone, only one 5 centesimos graded higher by NGC (March 2017), retail value $1000, set of 5 pieces, ex Richard Stuart Collection. According to Grigore, the 1904 monetary system functioned well up to World War I, when Panama's .900 fine silver coinage virtually disappeared from circulation due to a spike in the price of silver. Silver doubled in price and the silver coinage was hoarded or exported for melting. By this time, though, U.S. coinage was then in circulation and a coin shortage was averted. The melting did have the effect of making this series much scarcer than its mintage figures would lead one to believe.

Estimate: 600-1,100 USD