Watch List notes:

PANAMA. El Banco Central de Emision de la Republica de Panama. 1 Balboa, 1941. P-22a. PMG Gem Uncirculated 66 EPQ.
Printed by HBNC. A fully original and colorful 1 Balboa that is tied with only two other examples as the finest graded by PMG. This series is among the most heavily sought after in the pantheon of paper money. The majority of the surviving Panama notes are heavily circulated, and of the 170 1 Balboa notes certified by PMG, only 8 have been graded uncirculated. Strong orange-red lathework surrounds the vignette of Vasco Núnez de Balboa, while the underprint consists of dark green ink. PMG Pop 3/None Finer.

Notes from this issue have garnered the nickname of the "Arias Issue," which takes its name from President Dr. Arnulfo Arias, whom was elected President of Panama in 1940. In 1941, Arias was ousted as President in a coup by the police, which would indirectly affect the rarity of this note being offered here today. Arias reformed the banking system as President, allowing official and private banks to issue currency, although the Banco Central Emision de la Republica de Panama was the only bank to do so. The notes were issued on October 2, 1941 and Arias was ousted on October 9, 1941, and the bank was immediately closed under the new President Dr. Ricardo Adolfo de la Guardia Arango, which meant the 1941 series of currency was in circulation for less than a week. The notes were quickly removed from circulation and destroyed which is why so few are available to collectors today.

Estimate: $8000 - $12000