Printed by the American Bank Note Co., New York,
in Sheets of 100 on Unwatermarked Paper. Issued Perforation 12.
With Alternating Spanish - English Marginal Inscriptions.

Illustrating the adopted and unadopted original pen sketches of the central vignette and the
adopted pen sketches of the frames of the four values. The other important items are the 
Issued Color Proofs and the Plate Color Proof Sheets of 100.

As to usage three significant covers are included. They are the only known  combination
franking of the 1/2 real First Volcano Issue with 2 reales of the "CONTRA SELLO" issue;
one of two  inbound mail from the United States with the 1867 First Volcano Issue; 
and the only known outbound mail  franked with a single 4 reales issue.



First Volcano Issue of 1867 Handstamped in Black
With Circular "CONTRA SELLO / 1874".

Handstamped Applied to Prevent Circulation of Stolen Stamps.


1 CENTAVO 
Eight printings. largest recorded usage of 1c issue only known panes.

2 CENTAVOS 
Two known printings. only two known inverted scroll on covers.
Two known bisects on covers

3 CENTAVOS 
American bank note company 3c essay with ship vignette.

5 CENTAVOS
Two known printings - reconstructed panes.

10 CENTAVOS
One printing with only known pane.
Only known panama pre-philatelic cancel used during the philatelic period.
One of two known bisects on cover. largest usage of 10c issue.

20 CENTAVOS
One printing with only known pane.
Two known bisects on cover. largest usage of 20c issue.
Only known color franked cover. largest recorded usage of 20c issue.