Below is an online catalog or list of most known military tokens relating to the Canal Zone. There are no known military tokens associated with the rest of Panama. I have now written a book that describes all known military tokens in detail with their history and that of the associated military bases or units. Please me if you know of any unlisted military tokens or varieties.

NOTE: At the end of the last catalog page is a short list of military tokens originally attributed to the Panama Canal Zone, but which attribution has since been corrected.

Summary

Military tokens are coins issued for as money substitutes for use by members of a military entity. Many military tokens were issued to pay for meals in a cafeteria (or mess hall) setting, or to purchase items at a post exchange (similar to a general store). The tokens might be used to extend credit, as gift certificates, as a mean of giving a discount or to assure sufficent small change.

Collecting Military Tokens

Collecting these military tokens of the Canal Zone is not for the "faint of heart" or those with a minimal budget. The largest mintage known is in the low thousands, and of those minted many did not make it into collectors' hands. So tokens tend to be far and few between, and command high prices when they are found. There are a few common tokens such as the Fort Kobbe Brass holed Dollar, the France Field 5 Cents and the Corozal 5 Cents. However most Canal Zone military tokens are scarce or rare. Of many types I was only able to count one or two specimens.

Rarity

Included in the catalog list below is a rarity code for (C) Common, (S) Scarce, (R) Rare and (RR) Very Rare. In parenthesis is the population count of specimens I have made based on the number of catalogs who listed the token, the sales Henkle recorded from price lists in the 1980's, recent ebay sales and some collections. I tried to avoid counting any specimen twice. The rarity code was determined based on the specimen count. Mintage is known for a few token types, which are included on the individual token pages.

Pricing

Pricing is based on several factors, which ultimately are supply and demand. How many specimens are available and how many collectors want them. With the military tokens, the supply is very low but frequently the demand is low as well. When a token which has not been seen for a while goes for sale in an auction, it frequently commands an immediate exorbitant price. However, when two or three more specimens come along, the price drops dramatically, and sometimes there are no takers. This make it hard to develop a price list for the catalog. The prices below are an attempt to develop a price that at least three collectors will be willing to pay for a piece. They are based on the population count and actual sales of the more common tokens. Rare token prices are estimates based on historical pricing, whether the token has a Canal Zone name location on it, whether it is metal or plastic (plastic is less valued), and even raw guess work. For rare tokens, the first one seen in an auction may go for far more than the prices below. This catalog attempts to list the prices at which subsequent auctions may go for.

Numbering System

All the military tokens have been designated with the letters "MT", and grouped by issurer and then by type. Each group is given a unique number. Within each group, each piece is given a unique number based on its denomination in cents. An example would be MT35-5 for a 5 cent piece and MT35-100 for a one dollar piece. Permission is hereby granted to anyone to use the numbers below in referring to these tokens, in print or electronic media, by calling them Plowman's MTx-xx at least once, or referencing www.coins-of-panama.com. However, I reserve the right to assign all new numbers. Please contact me when a new number is needed.

Click on the image or catalog number below to go to the full listing for that piece.

Military Tokens Catalog
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Image	#	Description	Rarity	2007 Catalog Value
				Fine	Very Fine	Extra Fine
	MT-3.05	4th Field Artillery Battery E 5¢	RR (1)	$ 600.00	$ 650.00	$ 700.00
	MT-4.06	4th Field Artillery Battery F 5¢ ctsp. F	RR (1)	$ 600.00	$ 650.00	$ 700.00
	MT-5.05	Fifth Infantry Company L 5¢	RR (2)	$ 200.00	$ 300.00	$ 400.00
	MT-10.05	Tenth Infantry Exchange 5¢	RR (3)	$ 250.00	$ 325.00	$ 400.00
	MT-10.05	Tenth Infantry Exchange 50¢	RR (1)	$ 600.00	$ 650.00	$ 700.00
	MT-11.05	10th Infantry Company B 5¢	RR (3)	$ 225.00	$ 300.00	$ 400.00
	MT-11.10	10th Infantry Company B 10¢	RR (1)	$ 600.00	$ 650.00	$ 700.00
	MT-11.25	10th Infantry Company B 25¢	RR (2)	$ 600.00	$ 650.00	$ 700.00
	MT-11.50	10th Infantry Company B 50¢	RR (1)	$ 600.00	$ 650.00	$ 700.00
	MT-29.10	29th Infantry Company K 10¢	RR (1)	$ 225.00	$ 300.00	$ 400.00
	MT-30.05	29th Infantry Company F 5¢	RR (1)	$ 225.00	$ 300.00	$ 400.00
	MT-35.05	AAIC 5 cents In Trade	S (8)	$ 37.00	$ 50.00	$ 75.00
	MT-35.25	AAIC 25 cents In Trade	R (4)	$ 60.00	$ 80.00	$ 120.00
	MT-35.100	AAIC 1 dollar In Trade	R (3)	$ 60.00	$ 80.00	$ 120.00
	MT-35.500	AAIC 5 dollars In Trade	R (3)	$ 65.00	$ 90.00	$ 130.00
	MT-36.05	AAIC 5 cents on obverse	RR (1)	$ 70.00	$ 95.00	$ 140.00
	MT-36.10	AAIC 10 cents on obverse	RR (1)	$ 70.00	$ 95.00	$ 140.00
	MT-36.25	AAIC 25 cents on obverse	RR (1)	$ 70.00	$ 95.00	$ 140.00
	MT-40.25	AH 25 cents	C (10)	$ 15.00	$ 20.00	$ 30.00
	MT-40.100	AH 1 dollar	C (11)	$ 15.00	$ 20.00	$ 30.00
	MT-45.25	Albrook AFB 25 cents	C (12)	$ 25.00	$ 35.00	$ 50.00
	MT-46.100	Albrook AFB 1 dollar dark blue	C (11)	$ 30.00	$ 40.00	$ 60.00
	MT-47.100	Albrook AFB 1 dollar light blue	S (8)	$ 20.00	$ 27.00	$ 40.00
	MT-50.05	Albrook Field N.C.O. Club 5 cents	S (5)	$ 60.00	$ 80.00	$ 120.00
	MT-50.10	Albrook Field N.C.O. Club 10 cents	RR (1)	$ 80.00	$ 110.00	$ 160.00
	MT-51.05	Albrook Field N.C.O. Club with ornament 5 cents	R (3)	$ 75.00	$ 100.00	$ 150.00
	MT-52.05	Albrook Field The N.C.O. Club 5 cents	RR (2)	$ 75.00	$ 100.00	$ 150.00
	MT-52.10	Albrook Field The N.C.O. Club 10 cents	R (4)	$ 70.00	$ 95.00	$ 140.00
	MT-52.100	Albrook Field The N.C.O. Club 1 dollar	RR (1)	$ 90.00	$ 120.00	$ 180.00
	MT-55.05	Camp Elliott 5 cents uniface	RR (2)	$ 80.00	$ 110.00	$ 160.00
	MT-56.05	Camp Elliott I.C.Z. Panama 5 no cents sign	S (5)	$ 75.00	$ 100.00	$ 150.00
	MT-56.10	Camp Elliott I.C.Z. Panama 10 no cents sign	RR (2)	$ 90.00	$ 120.00	$ 180.00
	MT-56.25	Camp Elliott I.C.Z. Panama 25 no cents sign	RR (2)	$ 100.00	$ 135.00	$ 200.00
	MT-56.100	Camp Elliott aluminum 1 dollar	RR (2)	$ 100.00	$ 135.00	$ 200.00
	MT-57.100	Camp Elliott brass 1 dollar	S (9)	$ 50.00	$ 70.00	$ 100.00
	MT-58.05	Camp Elliott I.C.Z. Panama 5 cents	RR (2)	$ 75.00	$ 100.00	$ 150.00
	MT-59.25	Camp Elliott I.C.Z. Panama 25 cents	RR (2)	$ 100.00	$ 135.00	$ 200.00
	MT-60.1	Coco Solo Ship's Service Store 1	RR (1)	$ 90.00	$ 120.00	$ 180.00
	MT-60.2	Coco Solo Ship's Service Store 2	RR (1)	$ 90.00	$ 120.00	$ 180.00
	MT-60.4	Coco Solo Ship's Service Store 4	RR (2)	$ 90.00	$ 120.00	$ 180.00
	MT-65.05	Corozal NCO Club 5 cents	C (26)	$ 12.50	$ 16.50	$ 25.00
	MT-65.10	Corozal NCO Club 10 cents	C (18)	$ 20.00	$ 27.00	$ 40.00
	MT-65.25	Corozal NCO Club 25 cents	S (8)	$ 50.00	$ 70.00	$ 100.00
	MT-65.50	Corozal NCO Club 50 cents	C (10)	$ 50.00	$ 70.00	$ 100.00
	MT-65.100	Corozal NCO Club 1 dollar	R (2)	$ 75.00	$ 100.00	$ 150.00
	MT-66.05	Corozal Post Exchange 5 cents	RR (1)	$ 80.00	$ 110.00	$ 160.00
	MT-70.25	M.T. Co. 25 cents	RR (1)	$ 70.00	$ 95.00	$ 140.00
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