Heritage to Offer PMG-certified Panama Specimens

A full set of rare 1941 Panama banknotes certified by Paper Money Guaranty® (PMG®) is being offered in an upcoming Heritage Auctions sale. Online bidding for the October 2022 World Paper Money Signature® Auction will begin in mid-September and conclude on October 5.

The top note featured in the auction is a Panama, Banco Central de Emision 1941 20 Balboas Specimen, graded PMG 65 Gem Uncirculated EPQ. The PMG Population Report includes a mere 10 examples of these issued notes, in addition to six Specimens and a Remainder. This graded example, along with a 10 Balboas Specimen graded PMG 66 Gem Uncirculated EPQ, are each expected to sell for well into the five figures.

Panama, Banco Central de Emision 1941 20 Balboas Specimen, graded PMG 65 Gem Uncirculated EPQ Click images to enlarge.

Panama, Banco Central de Emision 1941 10 Balboas Specimen graded PMG 66 Gem Uncirculated EPQ Click images to enlarge.

The 1941 Panama series was extremely short-lived. Following his election in 1940, President Arnulfo Arias reformed Panama’s currency by allowing banks to issue notes. Most of the notes issued were removed from circulation and destroyed a short time later after a military coup in 1941. Very few remain today, and they are eagerly sought by advanced note collectors. PMG-certified Specimens for the 1 Balboa and 5 Balboa notes are also part of this sale.

Panama, Banco Central de Emision 1941 5 Balboas Specimen, graded PMG 66 Gem Uncirculated EPQ Click images to enlarge.

Panama, Banco Central de Emision 1941 1 Balboa Specimen, graded PMG 66 Gem Uncirculated EPQ Click images to enlarge.

Other PMG-certified highlights being offered include:

• a Canada, Commercial Bank of Newfoundland 1888 $20 graded PMG 20 Very Fine
• a Canada, Bank of Canada 1937 $1,000 graded PMG 64 Choice Uncirculated EPQ
• a Canada, Union Bank of Newfoundland 1881 £5 graded PMG 20 Very Fine
• an Isles of France & of Bourbon 1790 5 Livres graded PMG 61 Uncirculated
• a Kingdom of Persia, Imperial Bank 1924-32 20 Tomans graded PMG 20 Very Fine