Panama Canal

Is it a sign, or a car plate, did it hold a flag? We have no idea, came from a family garage. Panama Canal The Land Divided - The World United. Lightweight metal.
Update 5/13/12: It appears to be a license plate topper, neither of us had seen these before, but they appear very collectable.
[Acq. 4/10 - Free]

Ship on the left and alligator on the right.

Was painted red and green at one point. This right loop appears to be broken.