20 Balboas

Issuer	Banco Central de Emisión de la República de Panamá
Year	1941
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Reference(s)	P#25

Obverse description	The central vignette presents a rural agricultural scene in which a farmer guides an ox cart through a sugarcane field, rendered in fine intaglio engraving against an intricate guilloche underprint in orange and purple tones. The denomination numeral '20' appears in large figures at left and right, with serial numbers printed in the upper corners. Legends in letterpress run along the top and bottom margins, identifying the issuing bank and the note's legal tender status.
Obverse lettering	MONEDA FIDUCIARIA DE CURSO LEGAL CONSTE POR ESTE BILLETE QUE HAY DEPOSITADOS EN EL BANCO CENTRAL DE EMISION DE LA REPUBLICA DE PANAMA VEINTE BALBOAS PAGADEROS AL PORTADOR A SOLICITUD
Reverse description	The reverse is printed in orange-brown on a dense guilloche background, with the Coat of Arms of Panama centrally positioned within an ornate circular frame. The word 'VEINTE' appears in rectangular panels flanking the central vignette on both left and right, and the denomination numeral '20' is repeated in all four corners. The printer's imprint appears along the lower margin.
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