20 Balboas

Panama's currency history is unusual: the Balboa had existed as a monetary unit since 1904, but the country relied almost entirely on US dollars for paper circulation, with the Balboa existing mainly as coinage. The Banco Central de Emisión was created specifically to issue paper Balboas — a short-lived experiment in asserting a distinct paper currency. The bank was dissolved and these notes demonetized within the same year they were issued, making 1941 the entire lifespan of the institution.

The brevity of that window means genuine circulation examples are rare. Most of the print run was cancelled or destroyed during demonetization, and survivors tend to show minimal wear for precisely that reason. Hamilton Bank Note Company produced several Latin American series during this period from their New York operation.