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

Obverse Design Badge has a round center and four groups of rays coming out from the center, left right, up and down. Groups have two scallops each giving them points at the center and at each group edge. The groups almost but do not quite meet. Top group of rays has a perched eagle, wings spread, head ducked down and facing right. This eagle has the wings swept down below the feet, and meeting up with the points at the edges of the top group of rays. The center of the shield has the second seal of the Canal Zone with a freighter going through the locks. A green circle around the seal center has the seal lettering "PANAMA CANAL COMPANY" above and "* 1950 *" below. There is a beaded edge around the seal and then a smooth circle around the seal with incuse lettering. The lettering says "CANAL PROTECTION" curving above the seal and "DIVISION" curving below. Around this circle is another beaded edge and then the ray groups start. Above the shield on the top group of rays (below the eagle) is a smooth curved bar with the incuse lettering "SECURITY OFFICER". The badge is not numbered.
Reverse Design Vertical pin back. See the image of the reverse of BG-30.1 for a similar example.
Metal Unknown metal. Brass or gold in color. Size and Shape About 60mm wide by 75mm high (2 3/8 inches by 3 inches).
Dates Issued Unknown. The seal on the badge was designed in 1950 and used through 1978.
Issurer The Panama Canal Company.
Numbers Issued Not numbered.
Rarity Rare. Manufacturer Unknown. Source Levy Collection.
Varieties BG-30.1 has the banner "SECURITY GUARD", BG-30.3 has the banner "SECURITY OFFICER" and BG-30.5 has the banner "WATCH CMDR". There are also matching hat badges which are numbered.

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