An online auction had a retirement lot for Mary Nagle. She could have received it any time during her service, but most likely she received it in January, 1921. Issurer Panama Canal Company. This was the U.S. government entity set up by Congress to maintain and operate the canal. Source King Collection, Hamlin's MISC-5, Rulau's CZ 78, Mizrachi's ID 10.
Some checks have two additional small holes.
If the lettering and numbers are undamaged, there is no reduction in value for these holes. Function These were employee id checks, issued to all Panama Canal Company employees. They probably were also used to identify each employee when they were cashing their pay certificate or paycheck.