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

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 identical or almost identical to the BG10-1 (second badge type) eagle. The center of the shield has the first seal of the Canal Zone with a Spanish Galleon sailing through a sea level canal. There is a smooth circle around the seal with lettering. All lettering is incuse. The lettering says "CANAL ZONE" curving above the seal and "POLICE" curving below. On the same circle there is one five pointed star to the right and one to the left of the seal. Above the shield is a smooth horizontal bar with the officer's rank of "POLICEMAN". Below the shield is a smooth square with the badge number of "236". The shield overall has a textured background. All edges of the shield except the top have a leaf design as the edge.
Reverse Design Probably a pin back. To be determined.
Metal Unknown metal. Silver color. Probably nickel plated brass. Size and Shape About 45mm wide by 65mm high (1 3/4 inches by 2 1/2 inches).
Dates Issued This variety of badge appears to have come into use in the late 1930's and been discontinued by 1941. A photo from 1935 shows an officer wearing an older style of badge. Another officer was issued the new diamond number style badge in 1941. In between those dates may be when this badge was used. However, similar style badges with the square numbers continued to be used for higher ranks within the Canal ZOne Police.
Issurer The Panama Canal Company.
Numbers Issued Pieces include #236.
Rarity Rare. Manufacturer Unknown. Source Levy Collection.
Varieties None known.

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