Obverse Design The legend "HOTEL INTEROCÉANIQUE" curves along the top. The legend "COLON" curves along the bottom. There are small five-point stars as dividers on either side of "COLON". In the center is a large number 5 with rays coming out from it. By my count, there are a total of 48 rays - eight of the longest ones, eight medium size rays, and two shorter rays on either side of each long and medium-size ray. The token has denticles along the edge and a smooth plain raised edge.
Reverse Design The reverse is blank but has denticles along the edge and a smooth plain raised edge.
Metal Copper-nickel. Weight 3.0 ± .1 grams. Size and Shape Round, 19.7 mm in diameter.
Dates Issued Unknown. Most likely issued in the early 1880's during the major French Canal construction. The hotel name is French, not Spanish, and "INTEROCÉANIQUE" was part of the name of the French canal company.
Issurer Hotel Interocéanique.
Mintage Unknown.
Rarity Common. Manufacturer Unknown. Other Catalog Numbers Asociación Numismático's F-179 (photo), Eklund #1063 (plate #13), Henao's COM 252-1 (photo), Henkle's Colon #31 (photo), Plumer page #5, Rulau's Col 43 (photo), Schimmel #16.
Varieties None known. However, the PT-690.05 WING CHONG YUEN & CO. token design is identical, with only the name if the issuer being different. Undoubtedly it was made by the same manufacturer. This could be because (a) Hotel Interocéanique was owned by Wing, Chong, Yuen and Company or (b) the owners knew each other and shared costs for the reverse token die or (c) it was just a coincidence and the die sharing was arranged by the manufacturer.
Function Merchant token.
Population Count Thirteen specimens of this token in collector hands are known to me. Recent sales include:
  1. Auction sale on ebay on March 17, 2007 for $80.00 plus $3.00 shipping in condition F.
  2. Heritage Auction sale on Feburary 14, 2007 for $103.50 plus $8.20 shipping for a lot consisting of this Panama token and four tokens from other countries.