Watch List notes:

Panama, proof 25 centimos, 1904, very rare, NGC PF 64. KM-4. Frosty details and mirror surfaces with clear die-polish lines, starting to tone at rims, second highest grade in NGC census behind a pair of MS 65's, from a reported mintage of just twelve pieces from this first year of Panama's own national coinage, the first example we have seen offered publicly in about a dozen years.

Estimate: $8000 - $12000