Enhanced Scan of Photocopy

Obverse Design "N.C.O. CLUB" curves along the top. An bow-shaped ornament appears in the top middle. Curving in an upwards arc across the middle is "FORT SHERMAN", and a diamond-shaped ornament appears below it. "C.Z." curves along the bottom. Circle of beads close to the edge. Smooth plain raised edge.
Reverse Design "GOOD FOR" curved along the top. Large "25¢" in the center, with a vertical cent sign. "IN TRADE" curves along the bottom. Circle of beads close to the edge. Smooth plain raised edge.
Metal Aluminum. Weight Unknown. Size and Shape Round, 26 mm in diameter.
Dates Issued Unknown; may be pre-World War II.
Issuer Fort Sherman, on the west bank of the Canal across from Cristobal/Colon.
Mintage Unknown.
Rarity Very Rare. Manufacturer Unknown. Other Catalog Numbers Cunningham's CZ310c, Curto's F352-25, Henkle's CZ-66, Plumer page #4.
Varieties One variety is round and aluminum, the other is octagon shaped and in brass.
Function Perhaps a post exchange token.
Population Count Two specimens in collector hands are known to me. I do not know of any recent sales.