5 Pesos

Banco de Panamá was a short-lived private commercial bank, and this 1869 issue predates Panama's separation from Colombia by over three decades — the note circulated under Colombian sovereignty, in a province whose banking infrastructure was thin at best. The American Bank Note Company handled much of Latin America's private bank printing at this period, and the quality of their intaglio work was generally consistent regardless of how precarious the issuing institution's finances were.

Banco de Panamá failed well before the isthmus gained independence, making surviving notes genuinely scarce. The bank's short operational history means documentation on redemption rates and actual circulation volumes remains fragmentary.