Panama-What Have I Got Here?

I recently purchased a GB collection and in the middle of everything I found this-

Could anyone help me with what I have here? I really only know my area and outside of that I'm basically an idiot. I know zero about Latin America much less Panama and haven't got a set of worldwide catalogs. (maybe I should?)

I can see a note in the dealers card about an unissued color essay from a Christie's auction. And I see a price. I also see two stamps, one of which is overprinted "Waterlow & Sons LTD, specimen" with a hole punched in the stamp.

I'm very distrusting of this sort of thing and very much doubt there's anything of value but thought I'd check with you all.

-Larry

check here
http://en.wikipedia.org/wiki/Waterlow_and_Sonsat

they were very busy at one point.. they just might have value

They also printers of some GB stamps, including some of the low value KGV and also some of the Seahorses.

Waterlow was a major British security printing company whose business was taken over by De La Rue.

stampvirgin, I think this is the link you meant to post:
http://en.wikipedia.org/wiki/Waterlow_and_Sons

It is a color proof (the red stamp) which eventually became Panama C104 (the black stamp). C104 trends at $1.75. The color proof is not mentioned in my catalog, understandably.

You might try here:

http://copaphil.org/

Michael/Smauggie:

Thanks much. That's enough for me to go on. Much appreciated.

-Larry