My earliest FRN, and first large sized FRN that I have owned since I was a kid. Talk about the colonialist imagery used on this note, the USA had "leased" the Panama Canal Zone when Panama was assisted in it's independence efforts from Colombia in 1903. By 1914 the Canal had been completed and the USA had it's colonial crown jewel, in the age of empires and colonial expansion, the Canal Zone was a strategic military and commercial prize that paled European powers colonial possessions in Latin America, Africa and Asia.