Breen 192, W-12120 variety, with the O over an errant second E in PROPRIETORS. Estimated by us to be Rarity-6.
This is an infrequently seen and especially desirable variant of the Elephant Token which is inextricably linked to early America (unlike the more commonly seen Elephant Tokens which reference London on the reverse).
And this is about as trouble free an example as we’ve ever encountered, with choice medium brown color and nary a mark or spot to note. Just a few tiny voids in the original planchet, and softly struck in the central reverse (as is often the case on these), but on balance this is lovely and relatively affordable example of a neat issue.
Anything materially better than this one would likely be very, very expensive (if you could find such a coin, which certainly would not be easy).
Ex Doyle Galleries December 1983 sale of the Loye Lauder Collection, Lot #161.
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