The 2-cent Rose Map was first printed by the American Banknote Company as F (Foreign order) 389 on May 14, 1904. It was printed in pink for the Republic of Panama. Though similar to stamps produced for Panama in 1892, the 2-cent Rose Map had a new border, engraved by Seymour. The border included the words REPUBLIC DE PANAMA and the date of independence, 3 DE NOVIEMBER DE 1903.
The ABNCo internal index number was C 625-26408, and on the only large die proof known, “C-625” and “AMERICAN BANK NOTE CO NY” appeared in the issued pink color under the proof of the stamp.
Because of the date on the stamp, it is thought that it was printed to be released on November 3, 1904, the first anniversary of the new republic. However, for reasons never made clear, it was not released on November 3 but instead was first released in the Canal Zone with the "CANAL ZONE" overprint on December 12, 1904. It was later issued without the overprints in Panama around May 1905.
There are several overprint errors on this stamp including "CANAL ZONE" inverted. This stamp also came with one of the most interesting errors—a sideways letter “L” in the word CANAL.