How odd--one of those was just found in Tidewater Virginia and brought to a Dept. of Historic Resources staff member for identification. It is the central pendant of a 1931 faux Panamanian coin costume jewelry necklace. The rest of the faux coins on the necklace were a standard smaller size and had the country seal on the reverse. Only the quarter size one had the ship and was attached to the necklace so the ship faced out. The necklace may have been designed to commemorate/celebrate Charles Lindburgh's 1930 inauguration of an airmail route to the Panama Canal Zone, but that is speculation on my part.