Obverse Side is Graphic Art - Reverse side Courtesy Asociación Numismático

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 "50¢" 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, size not listed (probably somewhere between 28 mm and 32 mm).
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 Rare. Manufacturer Unknown. Other Catalog Numbers Asociación Numismático's F-157 (photo), Henkle's CZ-67, Plumer page #4.
Varieties None known.
Function Perhaps a post exchange token.
Population Count Three specimens in collector hands are known to me. I do not know of any recent sales.