Alan Levy can be reached by e-mail if you have a Panama badge for sale.

Obverse Design Badge is in the shape of a Maltese cross. The center is round with a rope edge. The outside of the badge has a smooth raised edge. In the center is "40" (the badge number). The top arm of the cross has a curved smooth banner with the location name of "CULEBRA". The left arm (as you look at the badge) has a hydrant from the early 1900's. The right arm has a hook and a ladder. The lower arm has another curved smooth bannner which reads "V.F.D" for Volunteer Fire Department. The entire badge has a textured background.
Reverse Design Vertical pin back. In the center is the manufacturer's name "Boston Badge Co." and address "294 WASH. ST."
Metal Unknown. Silver in color. Probably nickel plated brass. Size and Shape About 44mm wide by 44mm high (1 3/4 inches by 1 3/4 inches).
Dates Issued Unknown. This series is tentatively identified as a construction era type of Canal Zone Fire Department badges. The volunteer fire departments were organized starting in December, 1905. This is probably the earliest of the three similar varieties. It may have been issued in 1905 or 1906.
Issurer Probably the Isthmian Canal Commission. Culebra was the location of the deepest cut through the continental divide, and was a major construction site from the beginning to the end of canal construction.
Numbers Issued Pieces known include #40.
Rarity Rare. Manufacturer Boston Badge Company located at 294 Washington Street, Boston, MA. My search for this company determined that it was in business in 1907, but that's all I found. Source Levy Collection.
Varieties There are three similar varieties. The first type has a place name at the top, "V.F.D." at the bottom and never mentions the Canal Zone. The second type is identical except that "CANAL ZONE PANAMA" has been added in small incuse letters on the field around the badge number. The third type has "C.Z.V.F.D." at the bottom to identify the Canal Zone, and does not have the small "CANAL ZONE PANAMA" legend.

Fire Department vest badge. I would appreciate e-mail from anyone who can add anything to the history of these badges.

Reverse Side of Badge
Reverse side of a BG-50.1
Scale: 4 pixels equals one millimeter