I'm not 100% but the evidence is compelling. The support was provided by a friend who has attributed many other c&s as well as my No. 24 Hanover Street ivory. This guy is fabulous.

Frank Lapiedra was in the import-export business in NYC. He operated in Panama, Costa Rica and Nicaragua. "Preciado Panama" was the telegraph cable address of Y. Preciado & Compañía of Panama City, Panama, with whom Lapiedra surely traded (they both traded in drugs and medicines, among other things). Y. Preciado & Ca. had storefront drugstores and a bookshop in Panama City, so the chips could have been ordered for a customer, but maybe not.

The flag on the right is the national flag of the Republic of Panama. The flag on the left was the flag of the China Merchants Company--sort of a Chinese merchant navy (aka China Merchants Steam Navigation Company). There were a lot of Chinese in Panama at this time and a lot of people there were involved in the China trade (and I'm sure the Canal opened up the trade quite a bit).

With respect to the CA one possibility (which I like!): the Canal Zone was divided into two customs districts, Cristobal on the Atlantic side and Ancon on the Pacific side.

I intend to attribute the chip to the China Merchants Company, Panama City, Panama. Anyone agree or, more importantly, disagree?