Cover franked with pair 1929 2c deep green 'POSTAL' overprint issue (SG 457) tied by boxed 'P.A.G.A.I. SERVICIO AEREO ECUADOR' first flight cachet in violet with GUAYAQUIL cds dated 18-7-1929 alongside. Flown on the FAM 9 'Guayaquil - Lima - Santiago' first flight by Pan American Grace Airways with three line first flight cachet in black on front and reverse. Addressed to VALPARAISO with arrival cds on reverse and numbered '673', (Muller #28)