PANAMA. Banco Central de Emision de la Republica de Panama. 5 Balboas, 1941. P-23s. Blue Specimen Variety. PMG Choice Uncirculated 64 EPQ. Printed by HBNC. Out of eight notes graded by PMG for the variety, this note is bested by just two others on the population report. This near-Gem example boasts original paper and beautiful colors. This variety has blue specimen text where the upper right serial number should be, and solid zeroes in the same color at the lower left serial number location. PMG Pop 1/2 Finer. From the Ellicott Collection.