This is a beautiful French token issued in 1937. It is not a regular circulating coin, but a telephone token that was used in French public phone systems. This design was introduced for the P.T.T network, which stands for Postes, Télégraphes et Téléphones — the French postal and telecommunications service.
On the front side appears Marianne, the symbol of the French Republic, along with the inscription République Française and the clear date 1937. The design was created by the famous French engraver Lucien Bazor. The reverse side features the words Téléphones Publics with the P.T.T emblem surrounded by decorative branches.
This example has very high detail and excellent preservation. As for the slight difference in the position of the branch, it may be related to striking variation or die alignment, but it cannot be confirmed as a mint error without comparing it to other examples.
