Stamps of PANAMA
Air Mail Varieties
Sa-3c Imperforated
Sa-3d Imperforated
"Veinticinco centesimos" missing making it thebottom row.
"Veinticinco centesimos" missing making it the top row.
Sa-3ve Reversed Surcharge
Sa-3vf Shifted Surcharge
Sa-3v Varietals
Albino surcharge, the ink was probably transfered from a very heavy ink application.
Smudged surcharge, the ink was probably transfered from careless.
Part of the plane missing due to low ink.
Smudge ink on the "R".
Missing bottom of right "25".
Imperforated margin