Obverse Design The legend "CESARIO CELIS" curves along the top. The legend "PANAMA" curves along the bottom. There are long dash dividers on either side of "PANAMA". The center is blank. Both of these legends use incuse lettering. The token has a smooth edge without a rim.
Reverse Design The legend "DEBO" ("I OWE") curves along the top. The legend "CENTAVOS" ("CENTS") curves along the bottom. The center has a large "2½". The legends and number use incuse lettering. The token has a smooth edge without a rim.
Metal White metal, probably copper-nickel. Weight 3.0 grams. Size and Shape Round, 20.5 mm in diameter.
Dates Issued Unknown. Probably issued sometime between 1852 and 1885.
Issurer Cesario Celis.
Mintage Unknown.
Rarity Scarce. Manufacturer Unknown, but almost certainly the same one as JOSE DEL C. MEJIA, and perhaps the same one as LUM, CHANG, LONG & CO. and other tokens. Other Catalog Numbers Asociación Numismático's F-89, Eklund #1076, Henkle's Panama #10, Plumer page 2, Rulau's Pma 5, Ulex #2241.
Varieties Plumer and Ulex speak of a "C. CELIS" instead of "CESARIO CELIS". So there may be another variety out there, perhaps another denomination.
Function Merchant token.
Population Count Six specimens of this token in collector hands are known to me. No recent sales.
Notes

This appears to be an early Panama City or vicinity token due to the incuse lettering and blank reverse. The similar A. GROSSO COLON Y CHAGRE may date from 1852 or 1853. That piece has no denomination. WING TAI LONG & CO. and DOMINGO VEGA have the "5" above "CENT VALE" similar to this token. J. DEL C. MEJIA has the identical design, but without the dashes next to "PANAMA". B.B. BRYAN has this same design but has a circle of incuse beads next to the edge. JOSE MONTEVERDE has has a beaded edge and also uses the cent sign. If these tokens were all by the same manufacturer using increasingly sophisticated designs, then this token would date from the same timeframe as WING TAI LONG and DOMINGO VEGA.

Other incuse tokens such as J. DE LA PENA & CO. and ANTONIO ZUBIETA have a simple reverse design without beads or cent sign like this one. There is also a two-sided example of a A. GROSSO COLON Y CHAGRE. So the manufacturer apparently was able to make double-sided tokens early on. They probably charged more for double-sided tokens, and merchants decided whether or not they wanted to pay the extra charges.

These incuse tokens are mostly from Colon and nearby towns, with only a few appearing to be from Panama City. If the manufacturer of these tokens was based in early Colon, they may have been wiped out by the Great Fire of 1885, the financial crisis following the collapse of the French Canal Company in 1889 or they may have simply closed down when the owner died, moved or retired.