Below is a catalog or list of all known commercial and private tokens relating to Panama. There is a separate catalog for Military Tokens which were issued by United States military units stationed in the Canal Zone. Below is also a Cross Reference Chart to help in locating the entries. I have now written a book that lists over 400 Panama tokens, with photographs and detailed descriptions. But there are still new discoveries to be made. Please me if you know of any unlisted Panama tokens or varieties, or have information you are willing to share.

Summary

Panama tokens are privately issued coins used or intended as money substitutes. In Panama, tokens have been issued by coffee plantations, mining corporations, retail stores, a telephone company and others. The tokens may have been used as small change, as payment for a quantity of work redeemable at the company store, as a discount coupon and other uses. This catalog covers those tokens issued within the borders of present-day Panama, whether they were issued before or after independence.

Collecting Panama Tokens

Collecting Panama tokens is not for those who need the satisfaction of completing the entire series. There are many tokens which are very rare including some of which only one specimen is known. Pursuit of some of these rare tokens may also require a large budget. If however you would like a few inexpensive samples of Panama tokens, there are also a few common tokens.

Rarity

Included in the catalog list below is a rarity code for (C) Common, (S) Scarce, (R) Rare and (RR) Very Rare. In parenthesis is the population count of specimens I have made based on the number of catalogs who listed the token, the sales Henkle recorded from price lists in the 1980's, recent ebay sales and some collections. I tried to avoid counting any specimen twice. The rarity code was determined based on the specimen count. Mintage is known for a few token types, which are included on the individual token pages.

Pricing

Pricing is based on several factors, which ultimately are supply and demand. How many specimens are available and how many collectors want them. With the Panama tokens, the supply is often low but frequently the demand is limited as well. When a token which has not been seen for a while goes for sale in an auction, it frequently commands an immediate exorbitant price. However, when two or three more specimens come along, the price drops dramatically, and sometimes there are no takers. This make it hard to develop a price list for the catalog. The prices below are an attempt to develop a price that at least three collectors will be willing to pay for a piece. They are based on the population count and actual sales of the more common tokens. Rare token prices are estimates based on historical pricing and comparisons with similarly rare pieces. For rare tokens, the first one seen in an auction may go for far more than the prices below. This catalog attempts to list the prices at which subsequent auctions may go for.

Numbering System

All the Panama tokens have been designated with the letters "PT", and grouped by issurer and then by type. Each group is given a unique number. Within each group, each piece is given a unique number based on its denomination in cents. I have chosen to group and alphabetize by person's name appearing on the token (last name first). If no person's name appears, then by business name. Lastly by location name or whatever is written on the token. In a few rare cases (Casinos Nacionales and Alexander Hoskins, for example) the tokens are grouped and alphabetized by an issurer whose name does not appear on the token. An example would be PT5-5 for a 5 cent piece and PT5-100 for a one dollar piece. Permission is hereby granted to anyone to use the numbers below in referring to these tokens, in print or electronic media, by calling them Plowman's PT-xx.xx at least once, or referencing www.coins-of-panama.com. However, I reserve the right to assign all new numbers. Please contact me when a new number is needed.

Click on the image or catalog number below to go to the full listing for that piece.

Panama Tokens Catalog
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Image	#	Description	Rarity	2007 Catalog Value
				Fine	Very Fine	Extra Fine
	PT-5.1	A.C.G.	S (5)	$ 50.00	$ 70.00	$ 100.00
	PT-10.05	ALL AMERICAN HOTEL 5 cents	TBD	$ TBD	$ TBD	$ TBD
	PT-20.021	ARCO IRIS ¼ green	R (3)	$ 18.00	$ 24.00	$ 36.00
	PT-20.022	ARCO IRIS ¼ blue	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.023	ARCO IRIS ¼ orange	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.051	ARCO IRIS ½ green	R (3)	$ 18.00	$ 24.00	$ 36.00
	PT-20.052	ARCO IRIS ½ blue	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.053	ARCO IRIS ½ orange	RR (1)	$ 18.00	$ 24.00	$ 36.00
	PT-20.11	ARCO IRIS 1 green	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.12	ARCO IRIS 1 blue	R (3)	$ 18.00	$ 24.00	$ 36.00
	PT-20.13	ARCO IRIS 1 orange	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.21	ARCO IRIS 2 green	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.22	ARCO IRIS 2 blue	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.23	ARCO IRIS 2 orange	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.31	ARCO IRIS 3 green	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.32	ARCO IRIS 3 blue	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.33	ARCO IRIS 3 orange	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.41	ARCO IRIS 4 green	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.42	ARCO IRIS 4 blue	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.43	ARCO IRIS 4 orange	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.51	ARCO IRIS 5 green	S (5)	$ 18.00	$ 24.00	$ 36.00
	PT-20.52	ARCO IRIS 5 blue	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.53	ARCO IRIS 5 orange	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.61	ARCO IRIS 6 green	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.62	ARCO IRIS 6 blue	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.63	ARCO IRIS 6 orange	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.71	ARCO IRIS 7 green	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.72	ARCO IRIS 7 blue	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.73	ARCO IRIS 7 orange	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.81	ARCO IRIS 8 green	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.82	ARCO IRIS 8 blue	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-20.83	ARCO IRIS 8 orange	TBD	$ 18.00	$ 24.00	$ 36.00
	PT-21.053	ARCO IRIS ctsp. P ½ orange	RR (2)	$ 24.00	$ 30.00	$ 48.00
	PT-25.05	ARIAS, JUAN 5 centavos with crosses	S (7)	$ 20.00	$ 27.00	$ 40.00
	PT-25.06	ARIAS, JUAN 5 centavos crosses FT ctsp.	RR (1)	$ 30.00	$ 40.00	$ 60.00
	PT-25.10	ARIAS, JUAN 5 centavos with stars and 51 dots	R (3)	$ 25.00	$ 35.00	$ 50.00
	PT-25.11	ARIAS, JUAN 5 centavos stars 51 dots FT ctsp.	R (3)	$ 30.00	$ 40.00	$ 60.00
	PT-25.12	ARIAS, JUAN 5 centavos stars center hole	R (4)	$ 20.00	$ 27.00	$ 40.00
	PT-25.15	ARIAS, JUAN 5 centavos with stars and 37 dots	S (8)	$ 20.00	$ 27.00	$ 40.00
	PT-25.16	ARIAS, JUAN 5 centavos stars 37 dots FT ctsp.	RR (2)	$ 30.00	$ 40.00	$ 60.00
	PT-30.05	AROSEMENA, R.A. 5 centavos	TBD	$ TBD	$ TBD	$ TBD
	PT-30.06	AROSEMENA, R.A. 5 centavos ctmk.	TBD	$ TBD	$ TBD	$ TBD
	PT-35.05	AT AL's PLACE 5 cents	TBD	$ TBD	$ TBD	$ TBD
	PT-40.05	AT AMERICAN HOTEL 5 cents	TBD	$ TBD	$ TBD	$ TBD
	PT-45.02	BARROWS PANAMA COFFEE LANDS 2½ cents	S (6)	$ 60.00	$ 80.00	$ 120.00
	PT-45.05	BARROWS PANAMA COFFEE LANDS 5 cents	S (8)	$ 55.00	$ 75.00	$ 110.00
	PT-45.10	BARROWS PANAMA COFFEE LANDS 10 cents	C (10)	$ 50.00	$ 70.00	$ 100.00
	PT-45.25	BARROWS PANAMA COFFEE LANDS 25 cents	S (8)	$ 50.00	$ 70.00	$ 100.00
	PT-45.50	BARROWS PANAMA COFFEE LANDS 50 cents	C (14)	$ 40.00	$ 55.00	$ 80.00
	PT-50.1	BAZAAR JAMAICA no denomination	TBD	$ TBD	$ TBD	$ TBD
	PT-51.05	BAZAR JAMAICANO 5 centavos	TBD	$ TBD	$ TBD	$ TBD
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