2c red postal stationery envelope (H&G B13) used with added 2 x 1924 5c blue (SG 201) tied by LOS SANTOS cds's dated NOV 8 1932 with fine strike of boxed 'LOS SANTOS' registration marking on front and fine example of the red on grey blue 'REPUBLICA DE PANAMA SERVICIO DE CORREOS CIERRE OFICIAL' official seal on reverse tied by an additional strike of the LOS SANTOS cds. Addressed to SWITZERLAND with boxed PANAMA TRANSIOTO registration marking and Swiss arrival cds on reverse.. A rare seal used on cover.