Panama 1918 2-1/2 centesimos

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from Sedwick Treasure auction 21, lot 1644

The year 1904 inaugurated coinage for the newly independent Panamanian republic. In the original system, one balboa = 2 U.S. dollars, and 2½, 5, 25 and 50 centesimos were struck to this standard 1904-16. In 1930, the system was reorganized and one balboa = one dollar and all new types issued. The United States mint struck coins for Panama using U. S. blanks. Unfortunately, collecting Panamanian coins lost its popularity after the Franklin mint overissued proof sets and commemoratives in the 1970's and 1980's. For years, few Panamanian coins sold for more than melt. This type, similar in size to a United States nickel, superseded the "Panama pill". This specimen was lot 1644 in Sedwick Treasure Auction 21 (Winter Park, FL, May 2017), where it sold for $13,512.50. The catalog description[1] noted,

"Panama (struck at the Philadelphia mint), copper-nickel 2-1/2 centésimos, 1918, encapsulated NGC MS 63, finest example known at NGC or PCGS, very rare, ex-Richard Stuart (stated inside slab). According to Panamanian numismatic researcher Jorge Proctor, Panama's Law 62 of December 1, 1917, did specify authorization to strike 25,000 balboas’ worth of coins in 2-1/2 and 5 centésimos de Balboa (or what would be equivalent to one million 2-1/2 centésimos, if all were minted in that denomination; a mintage figure often reported with a footnote that all were melted in June 1918). But, according to mint records from Philadelphia, there is no evidence the coins were ever struck in such a quantity, or in fact at all. What is known is that only seven specimens are confirmed, of which this is the finest by far. NGC #4427875-002. Pedigreed to the Richard Stuart collection."

This specimen was lot 1167 in Sedwick Treasure Auction 38 (Winter Park, FL, November 2025), where it sold for $36,000.

Recorded mintage: est. 1,000,000.

Specification: copper-nickel, 21 mm diameter.

Catalog reference: KM-7.2.

Source:

  • [1]Sedwick, Daniel F., Augi Garcia and Cori Sedwick Downing, Treasure Auction #21, featuring Selections from the Richard Stuart Collection, Winter Park, FL: Daniel Frank Sedwick, LLC, 2017.
  • Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1901-2000, 47th ed., Iola, WI: Krause Publications, 2019.

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