Superb registered cover franked with 1904 2 x 1c green 'Third Panama' overprints (two different printings with PANAMA's touching bar on one and 8mm away on the other, two pairs of 2c carmine 'Fourth Panama' overprint and a pair of 10c orange 'Fourth Panama' overprint one with circular 'R COLON' registration handstamp in purple with manuscript '1322' registration number alongside and 5c blue 'Fourth Panama' overprint with 'A R COLON' handstamp also in purple (SG 62, 54, 56, R60 & AR61) all tied by COLON duplex cancels dated 15 MAR 1904. Addressed to GERMANY with NEW YORK EXCHANGE transit registration label on front and transit and arrival marks on reverse. A superb and rare cover.