Obverse Side is Graphic Art - Reverse side Courtesy Benjamin Mizrachi

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 "5¢" in the center. "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, 20 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 Scarce. Manufacturer Unknown. Other Catalog Numbers Asociación Numismático's F-154 (photo of reverse), Cunningham's CZ310a, Curto's F352-5, Henkle's CZ-65 and Plumer page #4.
Varieties One variety is round and aluminum, the other is octagon shaped and in brass. The reverse pictured is has a different "5" and cent sign than the round 25¢ and round 50¢ tokens, so there may be another round 5¢ variety that looks more like the 25¢ and 50¢ tokens.
Function Perhaps a post exchange token.
Population Count Eight specimens in collector hands are known to me. Recent sales include:
  1. Auction sale on eBay on April 22, 2007 for $108.37 plus $2.00 shipping.
  2. Auction sale on eBay on March 3, 2007 for $131.37 plus $2.00 shipping.
  3. Auction sale on eBay on January 19, 2007 for $128.37 plus $2.00 shipping.
  4. Auction sale on eBay on December 16, 2006 for $175.13 plus $2.00 shipping. Only obverse shown, Condition probably Fine.
  5. Auction sale on eBay on October 12, 2006 for $230.22 plus $1.85 shipping. Nice condition, probably Very Fine.