Printed 'Primer Correo Aereo Panama y Centro America' airmail cover franked with 1924 2c carmine and 1929 15c on 10c orange AIR surcharge issue (SG 200 & 229) tied by COLON cds's dated MAY 22 1929. Flown on the COLON - MANAGUA, NICARAGUA first flight with boxed 'AGENCIA POSTAL DE COLON PRIMER SERVICIO DE CORREO AEREO PANAMA - NICARAGUA' first flight cachet in purple on front. Addressed to NICARAGUA with arrival mark on reverse. (Muller #15, only 176 covers flown)