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PANAMA. 1915. Revenues. Customs (only used to collect duties from packages coming to Panama). First printing with no serifs Part 1 "to be retained by customs officials" 2 & 5 Centesimos and 5 & 10 Balboas, Group of 8 singles showing regular & INVERTED ARMS at center, top values, used. Mixed quality, generally FINE, VERY FINE & scarce + First printing without serifs. Part 1 "to be retined by customs officials" 5 & 10 Centesimos. Three singles used by readable cds including early date, 1917 & two 1920's. One used by readable "BOCAS DEL TORO" cds. FINE, VERY FINE + First printing without serifs. Part 1, "to be retined by customs officials". 20 Centesimos. MAJOR VARIETY, INVERTED "20" at right. Used. FINE, VERY FINE and scarce + First printing without serifs. Part 1, "to be reatined by customs officials". 2 Balboas MAJOR VARIETY, INVERTED "S" of "BALBOAS". Used. FINE, VERY FINE & scarce + First printing without serifs. Part 2 "to be attached to the parcel". 4 & 28 Centesimo with UPRIGHT ARMS, both used. A regular (Arms inverted) enclosed for comparisson. All Part 2 stamps should have the Arms Inverted. FINE, VERY FINE. 141278