1941 Panama 5 Balboas Offered in June 2022 World Paper Money CCO Auction

Our June World Paper Money Collectors Choice Online Auction will be highlighted by a set of four 1941 Panama notes. The 5 Balboas, P-23a, is in a PMG Very Fine 25 Grade.

As it is a type that is often missing from even the most advanced collections of paper money, this 5 Balboas is sure to attract interest. The orange, purple and blue colors are quite appealing for the assigned grade. Depicted at left is Chieftain Urraca, who fought effectively against Spanish Conquistadors in the region of present-day Panama. The reverse of the note displays intricate lathe work in dark blue. The 1941 Panama series was in circulation for roughly a week before it was recalled, leaving collectors with a limited supply of these notes today. PMG comments "Minor Rust".

These notes have garnered the nickname of the "Arias Issue," which takes its name from Dr. Arnulfo Arias, who was elected President of Panama in 1940. In 1941, Arias was ousted as president in a coup by the police, which would indirectly affect the rarity of this note. Arias reformed the banking system as president, allowing official and private banks to issue currency, although the Banco Central Emision de la Republica de Panama was the only bank to do so. The notes were issued on October 2, 1941, and Arias was ousted on October 9, 1941. The bank was immediately closed under new President Dr. Ricardo Adolfo de la Guardia Arango, which meant the 1941 series of currency was in circulation for less than a week. The notes were quickly removed from circulation and destroyed, which is why so few are available to collectors today.

We are currently taking consignments for our future World Paper Money Auctions. To consign your U.S. paper money and world paper money to a future sale, contact a consignment specialist at 800-458-4646 or visit For more information on viewing lots or for assistance in registering to bid, email your inquiry to: [email protected] .

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