Watch List notes:

PANAMA. Banco Central de Emision de la Republica de Panama. 20 Balboas, 1941. P-25a. PMG Choice Uncirculated 64.
The other denominations of the Arias issue eludes even the most seasoned collectors, but the unattainability of these 20 Balboas has ushered them into the pantheon of highly collectible banknotes in the numismatic community. A very desirable 000695 serial number is presented with bright purple & orange inks. This extremely rare 20 Balboas is the highest graded by PMG, beating out 10 other notes on the population report. The closest example on the population report is a About Uncirculated 53 example, which was stamp cancelled. This far superior and Top Pop note should command a hefty premium, and any serious collector will vie to add this top tier note to their holdings. Bid accordingly. PMG Pop 1/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: $30000 - $50000