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Auction: 327 - World Banknotes at NY INC, Waldorf Astoria
Lot: 287

Bank of Panama, 5 balboas, 1941, serial number 006954, black, pale blue, violet and orange, the Panamanian Indian chieftain Urraca at left holding axe and flag in oval frame, value right centre and at each corner, reverse blue, arms at centre, value in field, also 10 balboas, 1941, serial number 011909, black, green, mauve and orange, a scene of old Panama at centre 'Panama Viejo', value at left and right and at each corner, reverse brown, arms at centre and value in field, also 20 balboas, 1941, serial number 000391, black, orange, red and purple, ox cart with sugar cane, 'Carreta de bueyes', at centre, reverse arms and value, all have signatures of Augusto Arango and Enrique Linares and all are printed by the Hamilton Banknote Company of New York
(Pick 23,24,25, TBB BCE B2a,3a,4a), in 1941 President Dr. Arnulfo Arias was instrumental in the foundation on the 30th September 1941 of the Central Bank of the Republic of Panama and subsequently the issue of 6 million balboas in paper currency. In the event only 2.7 million balboas were issued on the 2nd of October 1941. A week later Arias was deposed in a coup and was replaced by Ricardo de la Guardia who closed the Bank and withdrew and destroyed the currency, the notes were sent to the Mechanical Division of the Panama Canal for destruction. The notes are in PMG holders and graded 40, extremely fine, 40, extremely fine and 35, choice very fine respectively, all have minor pinholes and the 10 additionally with small tears. A superb group in above average condition (3)

Estimate
$60,000 to $90,000