Obverse Design Circle of beads close to the edge of the octagon-shaped coin. "N.C.O. CLUB" curves along the top of the circle. A bow-shaped ornament appears in the top middle. "FORT" and "SHERMAN" go across the middle in two lines. "C.Z." curves along the bottom of the circle.
Reverse Design Circle of beads close to the edge of the octagon-shaped coin. "GOOD FOR" curved along the top of the circle. There is a large "5¢" in the center. "IN TRADE" curves along the bottom of the circle.
Metal Brass. Weight Unknown. Size and Shape Octagon, 21 mm across.
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 CZ320a, Curto's F179-5.
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. Recent sales include:
  1. Auction sale on eBay on January 2, 2007 for $240.39 plus $3.50 shipping in VF condition.