Commercial cover franked with 1947 5c on 7c carmine and 1949 1c on 5c black & scarlet 'Cancer Research' TAX issue (SG 448 & 488) tied by PANAMA CITY cds dated MAR 12 1949 with fine strike of large boxed 'CENTENARIO DE CHIRIQUI 1849 - MAYO 26 - 1949 CONOZCA EL VALLE DE LA LUNA' volcano cachet in red on front. Addressed to USA with transit marks on reverse.