Obverse Design Top has perched eagle, wings spread, head ducked down and facing right. This eagle has the wings swept down below the feet, and is very similar to the BG-10 (second badge type). The eagle is holding a banner in its mouth which goes up on the eagle's left wing (the right of the image). The banner is blank with nothing written on it. The center of the shield has the badge number in large numerals; "414" in the example above. Above the number is a curving banner which has tails trailing up from either end. The banner has the legend "POLICIA NAL" which is an abbreviation for "POLICIA NACIONAL" or "NATIONAL POLICE". Below the number is another curved banner with tails scrolled up at either end. This banner "REP. DE PANAMA" which is an abbreviated version of "REPUBLICA DE PANAMA" and means "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 color. Size and Shape Unknown; perhaps near the common size of at about 45mm wide by 68mm high (1 3/4 inches by 2 5/8 inches).
Dates Issued Unknown, sometime between 1903 and 1953 before the National Police (Policia Nacioncal) changed their name to National Guard (Guardia Nacional).
Issurer National Police of the Republic of Panama.
Numbers Issued Pieces held by collectors include #414 pictured above.
Rarity Rare. Manufacturer Unknown. Source Specimen sold on ebay by seller 'abqmetal'.
Varieties None known.

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

Panama National Police at ex-President Amador's Funeral 1909
(I'm not sure which badges they are wearing) Panama National Police at ex-President Amador's Funeral 1909