Design: The building appearing in the upper segment is a line representation of the 'Ateneul Roman' or Romanian Athenaeum, a well-known architectural landmark in the city of Bucharest, Romania. Built in 1888, it is used for musical performances. The same image, though even more stylized, appears on the (Romanian) Lifa Record label, to which, according to collector Florin Caloianu, it was corporately connected. The overall layout, with the lower segment enclosed in a heavy border, is obviously based on the Odeon label.
History: Label scan courtesy of collector Florin Caloianu of Romania, who notes that the Pan company, launched in December 1935, lasted until 1938, using several label designs in that period (see following pages). All Romanian Pan labels are very rare.