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. On the shield the first line is "CANAL". The second line is "ZONE". In larger letters the third line says "POLICE". The last line in even larger font is "66" (the badge number). Each line is on a smooth square background. The shield overall has a textured background. Below the number are two different tree branches tied with a ribbon. They look like an oak branch and a palm tree branch. 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 Largest of the Canal Zone Police badges at 66mm wide by 89mm high (about 2 1/2 inches by 3 1/2 inches).
Dates Issued This is tentatively determined to be the earliest design, used in the early construction days. I've seen what looks like this style badge on a 1906 post card.
Issurer Isthmian Canal Commission.
Numbers Issued Pieces include #66 and #232 ( #232 image at
Rarity Very 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.

President Roosevelt Inspecting the Canal (note man with badge on the far right)
President Roosevelt Inspecting the Canal
From I.L. Maduro Post Card No. 24a

Closeup of Badge - is this a BG-5.1?
Closeup of Badge
From I.L. Maduro Post Card No. 24a