1 Peso

Banco de Panamá was a short-lived private institution operating under Colombian sovereignty — Panama would not become an independent republic until 1903. This 1 Peso note dates to a period when the isthmus's commercial banking was still embryonic, and the choice of the American Bank Note Company reflected both the ambitions of the issuing bank and the near-total absence of capable printing infrastructure anywhere in the region.

The series is genuinely rare. Banco de Panamá collapsed within a few years of issue, sharply limiting the volume ever circulated or redeemed. Survivors are few, and the Pick S designation signals its private bank status outside the main national sequence.