Obverse Design Badge has a simple design and is shaped like an arrow-head pointing downward, with two wider sections at the top. In the center of the badge is an oval with a Spanish galleon ship traversing a sea-level canal with land to the right and left. Around the oval is a blue line border. Above the oval and between the two wide sections of the badge at the top are two lines which say "BOARDING" and "OFFICER". On the left side of the badge along the edge it says "PANAMA" and on the right it says "CANAL". All the lettering is in blue and may be enamel.
Reverse Design Unknown.
Metal Most likely brass. Brass color, and is a thick gauge. Size and Shape About 45mm wide by 51mm high (about 1 3/4 inches by 2 inches).
Dates Issued Exact dates unknown. This badge was tentatively attributed to the 1950's or 1960's by the seller. The picture below is from 1957.
Issurer The Panama Canal Company.
Numbers Issued Not numbered.
Rarity Rare. Manufacturer Unknown. Source Sale on ebay by 'rarelion'.
Varieties None known.
Function

Probably a Canal Zone Custom Officer hat badge. The picture below is that of a Canal Zone Custom Officers hat from the January 1957 Canal Zone Review. The badge on the hat appears to be BG-88.1. Please e-mail me if you can add anything to the history of these badges.

Population Count Known specimens are as follows:
  1. 'ttla' Specimen. Sold on ebay by 'rarelion' (December 12, 2002, $127.50).

Reverse Side of Badge
Reverse side of a BG-88.1
Scale: 4 pixels equals one millimeter

Customs Officer Hat shown in the Canal Zone Review
Customs Officer Hat shown in January 1957 Canal Zone Review
From the Canal Zone Review, January 1957 Edition