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

Obverse Design Badge is shaped like a shield. In the center is the badge number of "4". Above is a smooth banner with doubled under tails going up. The banner reads "POLICIA" (Spanish for "POLICE") in incuse letters. Below the badge number is another banner which reads "PROV. DE HERRERA" which means "PROVINCE OF HERRERA". In the point below the banner are raised letters "R DE P" which stands for "REPUBLICA DE PANAMA" (in English "REPUBLIC OF PANAMA"). The shield overall has a textured background. The shield has a raised ridge as the edge.
Reverse Design Probably a pin back. To be determined.
Metal Unknown metal. Silver in color. Probably nickel on brass. Size and Shape Reported as 57 mm wide by 57 mm high (2¼ inches by 2¼ inches).
Dates Issued Unknown. Tentatively attributed as issued before 1920.
Issurer The Panamanian province of Herrera.
Numbers Issued Pieces include #4.
Rarity Rare. Manufacturer Unknown. Source Levy Collection.
Varieties None known.

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