A local dealer asked me about the strange denomination on the above token. I didn't have an answer for him.

Miller Md 68 is an odd token, with a $10 denomination on one side and a fractional $20 / $7 denomination on the other. I assume those aren't really denominations, but what are they?

Rulau doesn't have any firm information: "The inscription suggests horse race betting, but nothing is known of this strange token's raisen d'etre." A March 1907 edition of The Numismatist had even less information: "Nothing has been learned regarding the inscription on the reverse."

Does anyone have more recent information about the significance of the wacky $7 denomination, or whatever it is?