Featuring Research Volunteer Contributions

Fifth Series: The Hamilton Banknote Issue (1906)

refer to caption
10-cent Obaldia single

The Hamilton Bank Note Co. of New York engraved and printed the stamps of the Fifth Series (Scott 21-26), the only Canal Zone stamps printed by this firm. Although nine stamps were prepared for Panama using the gold standard used by the United States and just recently adopted by the Republic, only the 1-, 2-, 5-, 8-, and 10-cent denominations were purchased at 40 percent of their face value as established by the Taft Agreement.

Each of the basic Panamanian stamps was printed from two plates: one for the frame and one for the vignette or portrait. The design and frame colors differed for each one. These stamps, often referred to as 'Hamiltons' by Panama and Canal Zone collectors, were overprinted for C.Z. use in the Isthmian Canal Commission (ICC) Administration Building located in downtown Panama City.

The Hamiltons were placed on sale in Panama in October 1906, and the earliest reported date for one of the Canal Zone overprints is October 29th. Deliveries to the ICC took place until April 1909.

The first 20,000 2-cent stamps were overprinted in October 1906, with CANAL ZONE reading up. But, in the second printing in November, it reads down. This was brought to the attention of the director of posts, who ordered future printings of the stamps to have the overprint reading down. However, he did order an additional 30,000 2-cent stamps with the overprint reading up to provide sufficient copies for collectors.

The total number of Hamilton Fifth Series stamps ranged from 50,000 to 2,370,000, so the stamps are common, but numerous scarce to rare errors and varieties can be found. On cover in multiples or with other stamps they are eagerly sought by collectors.

David Zemer

refer to caption
1-cent Vasco de Nunez de Balboa unwatermarked invert single

The 1-cent Balboa stamp features a portrait of Vasco Nunez de Balboa, the Spanish conquistador who is recognized as the first European to see the Pacific Ocean. Apparently issued in January 1907, its earliest recorded usage was January 14, 1907, making it the last stamp issued of the set. It paid primarily the postage on domestic post cards.

This stamp was printed with a number of obvious errors, including missing perforations vertically, horizontally, double overprints, and missing letters. One of the most spectacular errors and a favorite for both collectors and non-collectors is the issue with an inverted center and the overprint reading up. About twenty-two unused and thirteen used copies are known to exist.

David Zemer

refer to caption
2-cent Cordoba single

The 2c stamp has a red frame and a black portrait of Fernandez de Cordoba, a Spanish conquistador, who played a prominent part in Spain’s conquest of Central America and who was one of the pioneers responsible for the selection of the original site of Panama City. The stamp was issued in late November 1906, the earliest recorded use being November 21, 1906, making it the first stamp issued of the set, and it was intended primarily to pay postage on domestic first class letters.

There are a number of errors on this stamp. The only perforation error among them is a horizontal pair (Tim I have this and will send you a scan) imperforate between. Another error is a vertical pair, one without overprint of which ten pairs exist. One pane received a double overprint and apparently all 100 copies were saved by collectors(I have one and will send a scan). In addition there are many other overprint errors but the error on this stamp that is a gem is the inverted center and overprint reading up. A pane of 100 must have been issued but it was not noticed at time of issue and it was probably first reported in the December 1, 1911, Philatelic Gazette. Most likely it was issued in late 1907 or early 1908. The copy at the NPM and that in the CZ Stamps book are both postmarked 1908 in Cristobal. There are only about 9 of these known. The NPM copy is ex-Leeds and sold October 1, 2004.

David Zemer and Robert J. Karrer

refer to caption
2-cent Cordoba with overprint single

The 2-cent Hamilton Bank Note Issue (Scott 21) has a red frame and black portrait of Fernandez de Cordoba, a Spanish conquistador who played a prominent part in Spain's conquest of Central America and who was one of the men responsible for the selection of the original site of Panama City in 1519.

This stamp is quite scarce compared to others in this series. As such, it has an interesting history: originally 20,000 were overprinted at the ICC Administration Building in Panama City in October 1906. However, on the next month's printing the overprints read down (Scott 23), so to make sure there were enough for collectors an additional 30,000 were printed with the overprint reading up. Even so, this pales in comparison with the 2,370,000 of the Overprint Reading down variety.

The earliest recorded use of this stamp is dated October 29, 1906. The 2-cent Hamilton was intended to be used on domestic letters and foreign postcards. It is easily found in unused condition but on cover or postcard it is much scarcer. In combination with other stamps it is even scarcer.

David Zemer and Robert J. Karrer

refer to caption
5-cent Arosemena single

The 5-cent Arosemena has a blue frame and a black portrait of Justo Arosemena (1817-1896), who was the first president of the short-lived Sovereign State of Panama, which was created in 1855. Intended primarily to pay postage on first class letters to many foreign countries, the Hamilton Banknote Company issued this stamp in December 1906.

It exists with a double overprint and CANAL only as well a ZONE CANAL due to a shift in the overprint.

David Zemer

refer to caption
8-cent Hurtado single

The 8-cent Hurtado stamp has a purple frame and a black portrait of Manuel J. Hurtado (1821-1887), organizer and founder of Panama's primary and normal school systems. Issued in December 1906, this stamp paid the eight-cent registry fee.

Only one known error exists in this issue — a horizontal pair, imperforate between and at the left margin. It is thought that about forty were printed, and thirty-four of these are known.

David Zemer and Robert J. Karrer

refer to caption
10-cent Obaldia single

The 10-cent Obaldia stamp, produced by the Hamilton Banknote Company, has a violet frame and a black portrait of Jose de Obaldia (1806-1889), the Panamanian who first proposed separating the Isthmus from Colombia and who served a term as president of the 1855 Sovereign State of Panama. This stamp was issued in December 1906 and was intended primarily to pay the combined two-cent domestic first-class letter postage and eight-cent registry fee and high postage rates.

Double and inverted overprints exist as well as stamps with an imperforate bottom margin.

David Zemer and Robert J. Karrer