Finest Issued & Uncancelled Set of Panama Series 1941 Notes To Be Offered in the August ANA

Stack’s Bowers Galleries August Official ANA Auction of
World Paper Money is shaping up to be another great sale. This quartet of 1941
Panama notes will cross the auction block and given current trends we expect to
see record prices for the set. The notes will be offered individually, not as a
lot, and will lead off with P-22a 1 Balboa in PMG Gem Uncirculated 66 EPQ; then
P-23a 5 Balboas in PMG Gem Uncirculated 66 EPQ; followed by P-24a 10 Balboas in
PMG Gem Uncirculated 65 EPQ; and last, but not least P-25a 20 Balboas in PMG
Choice Extremely Fine 45 EPQ.

P-22a: A fully original and colorful 1 Balboa that is tied
with only two other examples as the finest graded by PMG. The majority of the
surviving Panama notes are heavily circulated, and of the 159 1 Balboa notes
certified by PMG, only 7 have been graded uncirculated.

P-23a: Low Serial Number 487. This incredible 5 Balboa is
the sole finest graded on the PMG population report. Additionally, only 3 total
examples have even received an EPQ designation for the type. These notes of
which only 16 have been certified, are typically encountered with heavy
circulation and a plethora of toning. We have handled more fully issued 5
Balboas than any other auction house, yet we have never encountered a gem by
any grading service until now.

P-24a: This is the sole finest graded 10 Balboas by PMG out
of 12 issued examples that they have certified. An exciting aspect of the note
is the Miami Area Code serial number of 000305, as Miami is among the places
with the highest concentration of Panamanian Americans. The center vignette
"Panama Viejo" shows the Old Panama Cathedral in Panama City which
lies in the remaining part of Panama la Vieja which was ultimately destroyed in
1671 by Henry Morgan. Excellent centering and stunning paper quality as
indicated by the gem designation. As is the case with the other denominations
of this set we are offering, we are well aware that many of our esteemed
bidders need this note to complete their set and since there is only one
"finest known" example, we have estimated the note conservatively but
expect spirited bidding and look forward to the excitement.

P-25a: 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 000967 serial number is
presented with fully original paper and bright inks. This extremely rare 20
Balboas is not just the only fully issued example with an EPQ designation, but
it is also the highest graded by PMG that does not have a cancellation. Taking
all of this into account, we believe that this should be considered the finest
known example of the denomination and we surmise that the collecting community
will feel the same and bid accordingly.

The Stack’s Bowers Galleries August ANA consignment deadline
is fast approaching. To consign your world paper money to a future sale,
contact a consignment specialist at 800-458-4646 or visit StacksBowers.com. For
more information on viewing lots or for assistance in registering to bid, email
your inquiry to: [email protected].​