Registered AR cover franked with 1903 1c green and pair 2c carmine MAP issue with 'Third Panama' overprint and 1904 5c blue MAP issue with 'Fourth Panama' overprint all tied by PANAMA duplex cds's dated 25 ABR 1904 plus an additional 1904 5c blue MAP issue with 'Fourth Panama' overprint tied by red crayon 'AR' in oval and an uncancelled 1904 10c on 20c blue on blue 'Registration' SURCHARGE issue (SG 55, 62/63 & R68). Addressed to FRANCE and re-registered in the USA with NEW YORK EXCHANGE registration label applied on front with USA transit and French arrival marks on reverse. A superb & rare franking.