PANAMA - 1925-1951 COLOUR TRIAL PROOF COLLECTION An attractive, ALL DIFFERENT collection presented on a stock card of colour Trial proofs,  'WATERLOW & SONS - SPECIMEN' overprinted and punctured with a security hole. Never hinged - without & without gum. Seldom seen or offered,  from a Waterlow limited print run.  Lovely (16 proofs) (Image1)

Est. £250-300

PANAMA - 1930-1948 COLOUR TRIAL AIR SPECIMEN PROOFS An attractive, ALL DIFFERENT selection of Air Post issues, presented on a stock card,  'WATERLOW & SONS - SPECIMEN' overprinted and punctured with a security hole. Never hinged - without & without gum. Seldom seen or offered,  from a Waterlow limited print run.  Lovely (6 specimen proofs) (Image1)

Est. £90-100

PANAMA - 1949-50 COLOUR TRIAL PROOFS 1949 200th Anniversary of St Xavier University set & 1950 Carlos - Malaria eradication set, in non issued colours (as SG 505/508), 'WATERLOW & SONS - SPECIMEN' overprinted and punctured with a security hole. Never hinged - without & without gum. Seldom seen or offered,  from a Waterlow limited print run.  Lovely (4 proofs) (Image1)

Est. £60-70

PANAMA - 1950 OBLIGATORY TAX SPECIMENS Physical Culture set, Dated 1950 in non issued colours, 'WATERLOW & SONS - SPECIMEN' overprinted and punctured with a security hole. Never hinged - without & without gum. (5 Specimens) (Image1)

Est. £75-100