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I see you already have it on the bay. I'd do a little more research before I asked $200.
There is a billiard token catalog for sale also. Good luck.
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fioti, Yes I know it's a stretch, I really don't have a clue what it's worth I just put it up on
ebay to generate some attention to it, since I've not seen nor heard of this token, there may be a billiard token collector out there looking for it and I wouldn't want to let it go for just 0.99 cents

.. I forgot to add a Best Offer option to the sale. I just figured
ebay was the best place I knew of to find out quick what something might be worth.
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A 1923 Polk's Tulsa,Oklahoma City Directory lists one "Madison Billiard Parlor." This is one possibility. Perhaps, there was a billiard parlor by this name in Madison, Wisconsin?
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ExoGuy, I've come up with places like Oklahoma and other southern states having had similar named pool halls. I wonder what Schaaf-Mnpls has to do with it? I have found several other tokens with this inscribed on it. Not sure if it was located in Minnesota or just where they made the token?