Watch List notes:

PANAMA. El Banco Central de Emision de La Republica de Panama. 5 Balboa, 1941. P-23a. PMG Choice Uncirculated 63 EPQ.
Hamilton Bank Note, New York. This extremely scarce Five Balboas from the 1941 series is one that is missing in even advanced collections, especially so in such a high grade. Blue primary underprinted 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. Fully original and beautiful paper along with vivid ink stands out on this Choice Uncirculated note.

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.

Estimate: $25000.00- $35000.00