Panama was a part of Colombia until 1903 when it gained its independence. It issued its first stamp in 1878 when it was a state of Colombia. Some examples of Panama stamps is as follows:
E S DE PANAMA
with
ESTADOS UNIDOS DE COLOMBIA
ANTILLAE PACIFICO
with
COLOMBIA
REPUBLICA DE PANAMA
PANAMA
REPUBLICA DE PANAMA
(Overprinted on stamps inscribed with "COLOMBIA.")
R
(Overprinted on stamps inscribed Columbia.)
REPUBLICA DE PANAMA
(Overprinted on stamps inscribed with "R" and "REPUBLICA DE COLOMBIA.")
A R
(Overprinted on stamps inscribed "COLOMBIA.")
REPUBLICA DE PANAMA
(Overprinted on stamps inscribed with "A R" and "REPUBLICA DE COLOMBIA.")
