PANAMA 1925 REGISTRATION & CANCELLATION

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2c carmine postal stationery envelope (H&G B11) used with added 1924 2c carmine & 5c blue 'Arms' issue (SG 200/201) sent from PESE with manuscript return address and boxed 'PESE' registration marking in purple. The stamps are cancelled in transit with large boxed ADMON PRIN DE CORREOS TRANSITO R CHITRE cancels. Addressed to USA with PANAMA transit and USA arrival marks on reverse. Crease at left well away from stamps. A very scarce origination.