Found (and copied) some history concerning the token:

This is a "To Hanover" token.

While they were used as game counter pieces and may have seen some circulation as tokens, these were also a political token.

When Queen Anne died in 1714, she did not have an heir to the throne. So a search through the family tree was made to find the closest suitable heir to the throne. This turned out to be George Louis great grandson of James I and King of Hanover, a German state. He became George I of England but retained his title to Hanover as well as did his successors George II, III, IV, and William IV. Salic Law did not permit a woman to be an heir to titles in Hanover when Princess Victoria succeeded to the British Throne in 1837 on the death of William IV. These titles, which had been held by kings of the United Kingdom since George I, therefore passed to the next male heir, Ernest Augustus, Duke of Cumberland.

He was unpopular in England and it was said that the scars on his face had been caused by his Corsican servant in self-defence, before the Duke murdered him. The Duke is believed to have committed other crimes and, to add to his unpopularity, he was opposed to Parliamentary reform and the emancipation of the Roman Catholics in this country.

Worst of all he had shown himself to be greedy for the British throne and to have opposed the succession of the people's beloved Victoria.

To express public pleasure at the Duke's departure, these TO HANOVER tokens were struck at various times over the next twenty years as a satirical gesture and for use as card players' counters or gaming tokens. The mounted figure on the reverse is the crowned Duke, who in most versions is shown with the face of a monkey.'