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Central America certs among lots

Two of the four Panama Banking Co. Certificates of Deposit for $10, $20, $50 and $100 payable in U.S. dollars able to serve as circulating currency in the Canal Zone. The four come PMG graded: Gem Uncirculated 66 EPQ, Choice About Uncirculated 58, Choice Uncirculated 64, and Choice Uncirculated 64, respectively.

Collectors of the historic currency of Central America may wish to check out the late August-early September sale of Archives International Auctions. On offer will be four specimens of circulating “Certificates of Deposit” of the “Panama Banking Company” c. 1908.

These rarities are early Panama Canal fiscal items for $10, $20, $50 and $100 payable in U.S. dollars. They are large (8.5 x 3.75 inches) banknote-sized pieces paying 4 percent per annum interest. Once endorsed they could be used as currency and were negotiable at any office of the company.

Each is printed in green on white paper with counterfoil at left on the $100. Each is punched cancelled. All have been removed from a New York Bank Note Co. sample book. The $10 and $100 have notations on the lower left corner: “Apr ‘08” and “J.R.”

The Panama Banking Co. was founded in 1905 in Panama and New York by merchant bankers Isaac Brandon & Brothers. It had a contract with the Canal Commission to act as its fiscal agent and was one of the strongest financial institutions in the Republic of Panama.

Offices were established in both Balboa and Cristobal at either end of the Canal to do general banking business and were fully equipped to undertake all financial transactions in the Republic of Panama and the Canal Zone. Each had special facilities for the payment of tolls and disbursements for vessels using the Canal.

Full details and bidding information will be listed on the Archives International Auctions website in due course: www.ArchivesInternational.com.

 

This article was originally printed in Bank Note Reporter. >> Subscribe today.

 

More Collecting Resources

• When it comes to specialized world paper money issues, nothing can top the Standard Catalog of World Paper Money, Specialized Issues .

• The Standard Catalog of United States Paper Money is the only annual guide that provides complete coverage of U.S. currency with today’s market prices.

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