PANAMA. Banco Central de Emision de la Republica de Panama. 1 Balboa, 1941. P-22a. PMG Choice Uncirculated 63 EPQ.Printed by HBNC. A note that has seen a significant increase in popularity these past few years, but is often frequented in the VF 20-25 range can be found here in a beautiful uncirculated state with fully original paper. This should find its home in an advanced collection and will likely upgrade any pre-existing examples as only 5 out of the 130 certified by PMG have graded higher than this, and of those, only 3 were also given an EPQ designation.