Rare PMG-certified Panama Notes Offered in Stack's Auction

Posted on 6/16/2022

Issued shortly before a military coup, these notes were supposed to have been destroyed.

A complete set of 1941 Panama banknotes that is certified by Paper Money Guaranty® (PMG®) is being offered in a Stack's Bowers sale this month. Bidding is already underway for the June 2022 World Collectors Choice Online Auction - World Paper Money, which will be held June 30, 2022.

The centerpiece of the set is a Panama, Banco Central de Emision 1941 20 Balboas, graded PMG 25 Very Fine (lot 70709). Just 10 examples of this variety are listed in the PMG Population Report, with the serial number on this note (000059) being the lowest of those. This note has an estimate of $15,000 to $20,000.

Panama, Banco Central de Emision 1941 20 Balboas, 10 Balboas, 5 Balboas and 1 Balboa, graded PMG 25 Very Fine, PMG 20 Very Fine, PMG 25 Very Fine and PMG 25 Very Fine.
Click images to enlarge.

After his election in 1940, President Arnulfo Arias reformed Panama's currency, allowing banks to issue notes. Only the Banco Central de Emision did so, just days before Arias was ousted on October 9, 1941. Nearly all of the notes were removed from circulation and destroyed. Arias served as president again from 1949 and 1951, as well as briefly in 1968; each time his presidency was cut short by a military coup.

The other 1941 Banco Central de Emision notes in the sale are:

  • a 10 Balboas graded PMG 20 Very Fine (lot 70708) with an estimate of $10,000 to $15,000
  • a 5 Balboas graded PMG 25 Very Fine (lot 70707) with an estimate of $7,000 to $10,000
  • a 1 Balboa graded PMG 25 Very Fine (lot 70706) with an estimate of $1,250 to $1,750

All estimates are provided by the auction house in US Dollars.

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