Genuine elephant tokens are very valuable. There is a thorough write-up about them at the Notre Dame web site. The origin and exact dating of the tokens are unknown, and there are several varieties. All tokens have the elephant. Some tokens have GOD SAVE CAROLINA and GOD SAVE NEW ENGLAND. This page applies only to GOD SAVE LONDON tokens.
The token in our main picture (upper left) comes from Stack's Bowers and is worth $1000 US dollars or more. It is a genuine token, as opposed to a replica or counterfeit, as attested by its authentication, grading, and encapsulation by PCGS (secondary image below left). As with any valuable coin, fakes are possible and you must be certain you have a genuine item. Never deal with people you do not trust when buying or selling expensive coins. Stack's Bowers is 100 percent reliable, and CoinQuest thanks them for use of their coin photo.
Placing precise values on these tokens is basically impossible. Some varieties are worth more than others. Each token stands on its own merits, and the variability of auction sales means values depend on several factors. We can give only general guidance. Very roughly:
worn: $200 US dollars approximate catalog value
average circulated: $1500
well preserved: $5000
The comparison figure to the upper right gives more insight into value. The coin marked (A) is pretty well beat up (it is a black-and-white photo, so color is lost). The wear and the damage keep the price low. It would probably sell to a collector for $150 to $200.
The (B) coin is in superb condition. There is very little wear and the patterns are sharp and easily discerned. The surfaces are clear, with only minor imperfections. The token has not been cleaned or altered. All these positive factors mean the (B) piece would probably sell for $5000 or more. It is a genuine token sold by highly respected Baldwin's in London.
The (C) token in our comparison figure is a fake. Fakes like this sell for $10 or so. If you look closely, you will see the word COPY inscribed on the shield side. This inscription makes certain the token's fake status. However, lack of the word COPY does not guarantee authenticity. Only professional authenticators, like those at PCGS, NGC, ICG, and ANACS, can establish real or fake status.