1168

PANAMA, Canal Zone, denomination set of six Palo Seco leprosarium tokens from 1919: dollar, NGC XF 4

Currency:USD Category:Coins & Paper Money / World Coins By Country Start Price:14,000.00 USD Estimated At:20,000.00 - 40,000.00 USD
PANAMA, Canal Zone, denomination set of six Palo Seco leprosarium tokens from 1919: dollar, NGC XF 4
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PANAMA, Canal Zone, denomination set of six Palo Seco leprosarium tokens from 1919: dollar, NGC XF 45; 50 cents, NGC XF 40; 25 cents, NGC XF 45; 10 cents, NGC VF 35; 5 cents, NGC XF 45; 1 cent, NGC AU 50, extremely rare, NGC, ex-McFadden. KM-Tn1 to Tn6; MGM-700 to 705. All more or less toned, with minor marks only on the four highest denominations in aluminum, while the two smallest denominations in brass are a bit better, the 1c in fact with traces of luster in crevices.

Struck in 1919 for the Palo Seco leper colony on the Pacific side of the Panama Canal Zone, these tokens were issued as restricted currency, redeemable only within the colony to prevent outside circulation. Their denominations directly mirrored the U.S. dollar system, reinforcing the economic dependence of the Canal Zone on U.S. currency at the time. The 1c and 5c have square perforations while the higher denominations from 10c through 1 Dollar show round perforations. Obverses bear the legend a PALO SECO / CANAL ZONE, while reverses read REDEEMABLE FOR / [denomination word / numeral] / IN MERCHANDISE.

The lower values of 1c and 5c are scarce in higher preservation. The 10c is very scarce, with most known examples damaged or heavily worn. The 25c is rare, with fewer than twenty specimens believed extant. The 50c is almost as elusive as the Dollar, as 830 of its 1,000 struck were officially destroyed in 1955, leaving fewer than fifteen known. The Dollar is the centerpiece of the series, with 867 of its 1,000 pieces destroyed the same year, leaving only about twelve survivors.

Complete token sets are almost never seen, and the importance of this one is further enhanced by the fact that all the pieces have been straight-graded by NGC. This combination of rarity and grade for a full set makes it a unique opportunity to secure the entire Palo Seco Canal Zone series, which stands as a tangible reflection of U.S. monetary influence and Canal Zone history as well as early 20th-century leper colony protocol. Pedigreed to the Dr. Roger R. McFadden Collection.
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