PANAMA. Banco Central de Emision de la Republica de Panama. 5 Balboas, 1941. P-23s. Red Specimen Variety. PMG Choice About Uncirculated 58 EPQ. Only eight 5 Balboa specimens have been certified by PMG, and this example boasts the coveted EPQ qualifier. The purple, blue and orange inks are vibrant, offering excellent eye appeal. This variety has the red specimen text in place of the serial numbers. From the Ellicott Collection.