Brass Plaque Engraving Engraved Plaques

Can anyone tell me the history behind this plaque?

It's a piece of wood with "A Life for Each in PANAMA painted (Or stamped?) on it. Below that is a brass star that says "Isthmian Canal Commission 7603. Next to the star is a brass plate engraved with "Made from railroad tie laid in 1852 across the Isthmus of Panama:
P-P-I-E----1915.
Any information is appreciated.
Is it of any value other than sentimental?

This links may explain something about the railroad tie:

http://www.sfmuseum.org/hist9/usgrant.html

This is interesting as well: PIPE may stand for Panama Pacific International Exposition 1915

http://www.postcard.org/panamapie02.htm

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