50 Pesos

Banco de Panamá was a short-lived private commercial institution operating under Colombian federal banking law — Panama would not separate from Colombia for another thirty-four years. The 50 Pesos denomination was the highest in this series, printed by the American Bank Note Company at their Maiden Lane facilities. ABNC held a near-monopoly on Latin American bank note commissions during this period, and their work for Panamanian and Colombian issuers from the late 1860s reflects that dominance.

Given the bank's brief operational lifespan and the limited commercial scale of Panama in 1869, issued and circulated examples are genuinely rare. The S-prefix in the Pick reference confirms private bank classification under Colombian monetary authority.