 1915 Issues
1917 Issues

A second series of three pictorial commemorative stamps were issued in January 1917.On November 27, 1916, Executive Secretary McIlvaine wrote to Panama's Secretary of Foreign Affairs Narciso Garay, informing him that the official name of the cut had been changed from 'Culebra Cut' to 'Gaillard Cut' but by then the 24c stamp commemorating this had already been printed with the former title.Most of the 1917 issues were never sold and were destroyed.