Watch List notes:

El Banco Central, Republic of Panama, specimen 1 balboa, series of 1941, no serial numbers, black, pale green and red, Balboa at centre, value at left and right, signatures of Arango and Linares, reverse green, arms at centre, value at left and right, (Pick 22s, TBB B201as), perforated, red SPECIMEN overprints, in PMG holder 64 Choice Uncirculated.

Estimate: $6000 - $9000