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In case you can't read it, it says "DAIGAKU PACHINKO". It's the same on both obverse and reverse.


Found it on the ground next to a parking meter and snatched it up!

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Indeed as Art notes, it is a Japanese gaming token. Panchinko was very very popular in Japan, and still is to some extent. It is a kind of combination slot machine and pinball machine. They do not pay out cash, but pay out tokens like this which are exchangeable for trinkets, snacks etc.

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