1941 Panama 10 Balboas to be Offered in June 2022 World Paper Money CCO Auction

Our June World Paper Money Collectors Choice Online Auction is taking shape nicely, with the highlights of the sale being a set of four 1941 Panama notes. The 10 Balboas, P-24a, is graded Very Fine 20 by PMG.

10 Balboa notes from this series rarely trade hands publicly, and this is certainly a piece that is missing from many advanced collections. It might be some time before another of these tightly held notes is available to collectors again. At the time of cataloging, PMG’s pop report lists just 15 issued examples of this Pick number graded by their service, which is a testament to its scarcity. The reverse of the note is printed in dark brown ink and displays appealing, intricate lathe work. The front of the note displays light green and dark salmon-colored inks along with a design of Panama Viejo at center flanked by two obligations. 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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