Quarmby 120, Guard 540.
24mm. Brass. Douglas Collegiate School.
Very Fine and extremely rare.
The only other example of this token that we can find a sales record for was sold by Noonans 19/09/2018 (lot 1098 - £380 hammer) and again, 12/04/2022 (lot 315 - £200 hammer). That piece had a large vertical scratch across the reverse.