Suspicious Badge

Obverse Design Badge is shaped like a shield. Perched on top of the badge is an eagle with spread wings. Its head is up and facing to its left (our right). Below the eagle at the top of the shield is a black banner with gold letters. The letters read "ALCADIA DE PANAMA" which means "MAYORAL GOVERNMENT OF PANAMA". In the center of the badge a seal with red horses. Under the red horses is a legend "DICIPLINA MORAL TRADAJO" ("DISCIPLINE MORALE WORK") and a second line with the date of "1992". Above the seal is a curved black banner with gold letters that read "POLICIA" ("POLICE"). Below the seal is another black banner with gold letters that reads "MUNICIPAL" (which means the same in both English and Spanish). Below that is another smaller black banner with gold letters that read "SUG SEFE DEPTO". Those are not Spanish or Latin words - it apparently is nonsense. The background of the badge is a smooth gold color. Rays are coming out from the center seal. Along the two sides are two branches which start from a bow at the bottom of the shield.
Reverse Design Vertical pin back.
Metal Unknown metal. Gold in color. Size and Shape About 60 mm wide by 76 mm high (2 3/8 inches by 3 inches).
Numbers Issued Badge type is unnumbered.
Source King Collection, purchase from "Panama Dave" (David Collar) around 1999.
Varieties None known.

This badge is considered suspicious. It has a plastic type coating, similar to the known fake FK-103.1 (FF DD Policia). It appears to be made of cheap materials, and not durable as one would expect a police badge to be. The date "1992" on the badge is not known to be of any particular significance to the history of Panama City, where the badge purports to be from, and the "SUG SEFE DEPTO" is not Spanish nor Latin. The eagle does not have its head ducked down as is the style on police badges including those of Panama. I would appreciate e-mail from anyone who can add anything to this information.