Watch List notes:

Panama, Banco Central de Emision, 1 balboa specimen, series of 1941, PMG UNC 61 Net. Pick-22s. Rare specimen of the "Arias" balboa note which only circulated in Panama for seven days in 1941. Some surface residue and toning as noted by PMG though the colorful ink underprint is readily visible. Two punch hole cancellations near the top along with a blue SPECIMEN overprint for the rightmost serial number position. [url=https://www.pmgnotes.com/certlookup/8090012-001/61


Estimate: 3000 - 4500 USD