This rare historical bill of exchange (letra de cambio) was issued in Panama by Antonio Guerra and payable to Banco Español de Crédito, Madrid. It is a Second Bill of Exchange (Segunda), part of a traditional set of two bills (Primera y Segunda) used for international financial transactions.
The document is beautifully printed by Dennison & Sons, New York, featuring intricate red security engraving with the company seal, a large "2" watermark for identification, and elegant handwriting. The bill contains the names of involved parties, date, and payment terms, showcasing the financial processes and banking relationships between Panama and Spain during the early 20th century.
This piece offers a glimpse into global trade and banking history, making it a valuable collectible for numismatists, historians, or those with an interest in international finance.