Info in Panama 1941 paper currency wanted.
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I'm looking for source information regarding the 1941 Panama currency, and its destruction. Info beyond Pick, Krause, wikidoodle would be appreciated.

 

[Tried this on the Paper Mony forum, but no responses.]

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  • Member: Seasoned Veteran

Hi Roger,

 

There is a good account of the issuance and destruction of the 1941 Panamanian currency in the book Coins and Currency of Panama by Julius Grigore, Jr. If you want it, I'll send scans of the relevant pages by pm.

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David,

That would be great!! Do you know anything about the September 1942 currency destruction overseen by the Secret Service?

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  • Member: Seasoned Veteran

Not in relation to Panama. A large amount of Philippine notes were destroyed, but I believe that took place in Manila.

 

I'll send you the scans tomorrow.

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OK. (I have several thousand pages of documents plus the complete Philippine inventory of currency destruction; also, the gold, silver and other valuables. That stuff will be in the next book.)

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Thanks for sharing this with us because I was also searching for the the 1941 Panama currency online. By the way, if anyone here wants to know that how to find credible sources for your research paper then you can read that article on the https://www.techolac.com/education/how-to-find-credible-sources-for-your-research-paper/ website. Over there you will find a lot useful information.

Edited by ClaudiaPaille
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5 hours ago, ClaudiaPaille said:

Thanks for sharing this with us because I was also searching for the the 1941 Panama currency online.

ClaudiaPaille --

Here is an excerpt from the section on Panamanian paper currency from my book "Saudi Gold - and other tales from the Mint." The full section is about 3 pages and extends both before and after this excerpt. This excerpt is for personal use and not to be used or quoted in any commercial situation. The book will be available in 4 to 6 weeks.

The new constitution took effect on January 2, 1941 and had a direct effect on paper currency in the country. Articles 156 and 157 dealt with issuance of currency by Panama and were in apparent conflict with a long-standing policy of using exclusively United States paper currency in the country. The constitutional articles stated (original above, translation below):

Artículo 156. La facultad de emitir moneda fiduciaria de curso forzoso de cualquier clase, pertenece al Estado y no es transferible.

La facultad de emitir moneda fiduciaria de curso legal pertenece al Estado, pero podrá ser transferida a bancos oficiales o particulares de emisión, siempre que tales bancos estén bajo el control del Estado en todo lo relacionado con la emisión, en la forma que determine la Ley.

Artículo 157. No podrá haber en la República papel moneda de curso forzoso.[1]

Article 156. The power to issue legal tender paper money of any kind belongs to the State and is not transferable.

The power to issue legal tender paper money belongs to the State, but may be transferred to government or private banks of issue, provided that such banks are under State control in all matters relating to the issuance, as determined by law.

Article 157. Paper money can be legal tender within the Republic.

On September 30, 1941, as part of President Arias’ plans to assert national authority, Law No. 41 created the Banco Central de Emision de la Republica de Panama (Central Issuing Bank of Panama). This new bank had the power to issue and regulate the circulation of paper money. It also made the Panamanian government solely responsible for obligations of the bank.[2] The bank was authorized to place in circulation paper currency with a value up to six million balboas. Each paper balboa issued required the reserve backing of one silver balboa, or its equivalent in gold, or one United States dollar. Prior to authorizing the currency, procedures for issuance and redemption were established and other steps taken indicating this was a seriously considered attempt at a national Panamanian paper currency.[3]

Edited by RWB
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