The challenge coin has a two insignia in the center, staggered with one in front of the other. The back insignia is the 82nd Airborne Division insignia which consists of a large square with a circle inside. Inside the circle are the letters "AA". The inner legs of the "A"'s are vertical and the outside legs are curved. Above the square is a arc banner which says "AIRBORNE". The "AA" refers to the nickname "All American Division" which was adopted by the organization in France during World War I. The 504th Parachute Infantry Regiment is part of the 82nd Airborne Division.

The front insignia is that of the 504th Parachute Infantry Regiment. It is in the shape of a shield. Diagonally across the shield, with the point up and to the left is a flaming sword. The flames symbolize the zeal of the personnel in the performance of their duties. Below the shield is a banner with the motto "STRIKE HOLD". The motto expresses the determination of the personnel to strike swiftly and hold their ground at any cost.

The legend along the upper edge of the medal says "504^TH PARACHUTE INFANTRY REGIMENT". Along the lower edge of the medal it says in quotes "DEVILS IN BAGGY PANTS". The coin has a smooth plain raised edge, and a plain and smooth background.

The central design of the reverse consists of two badges with one in front of the other. The badge in the back and higher up consists of a rifle in a rectangle with a wreath behind the rectangle. This is the Combat Infantryman badge. In front of it and a little lower is a parachute with feathered wings on it. On top of the parachute is a five-point star inside a feathered wreath. This is the badge of a Master Parachutist. Below the badges is a raised smooth rectangle. This is where the name of the receipient can be engraved.

Along the upper edge of the medal it says "WW-II DOMINICAN REPUBLIC". Along the lower edge of the medal it says "PANAMA KUWAIT GRENADA". The coin has a smooth plain raised edge, and a plain and smooth background.

The 504th Parachute Infantry Regiment was activated on May 1, 1942 at Ft. Benning, Georgia. Subsequently it became the first regiment in the newly designated 82nd Airborne Division. At the time of Operation Just Cause, the 3rd Battalion had been prepositioned at Fort Sherman two weeks prior to D-day and was under the control of the 7th Infantry Division. The battalion conducted air and sea assaults in northern and central Panama to seize the Madden Dam that controls the water in the Panama canal, a prison, several police stations, several key bridges, a PDF supply point, the PDF demolitions school and an intelligence training facility. The 1st and 2nd Battalions of the 504th, along with 4th Battalion of the 325th Airborne Infantry Regiment and the 1st Battalion of the 75th Ranger Regiment, conducted a parachute assault on the Omar Torrijos International Airport. In the fighting that followed, the 2nd Battalion of the 504th PIR captured Panama Viejo and rescued American civilians at the Marriott Hotel. PFC Jerry Scott Daves and PFC Martin Doug Denson of the 1st Battalion, and Specialist Alejandro Manrique-Lozano of the 2nd Battalion were killed in action.