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finest known set of panama banknotes auctioned by stacks bowers galleries

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

By Christopher Dahncke, Currency Auction Associate

Author: Chris Dahncke / Thursday, June 17, 2021 / Categories: Paper Money of the Week

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.

1 balboa front stacks bowers galleries1 balboa for auction stacks bowers galleries 

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.

front of 5 balboa panama stacks bowers galleriesvalue of a 5 balboa stacks bowers galleries 

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.

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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.

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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]