This token was issued by three tavern keepers:
Samuel Salmon of The Brown Bear,
John Courtney of The George,
and Edward Frost of The Ship Anson.
Edge inscription should be PAYABLE AT S. SALMONS I COURTNEY AND E FROST PORTSEA
The designs represent the three pubs - St George for the George, the fish ( a salmon? ) for Salmon of the Brown Bear, and the warship HMS Anson of 64 guns.
The ship image is of a two-decker ship of the line, meaning it was intended to fight in the line of battle. By the Napoleonic Wars the standard size for a ship of the line varied around 72 to 80 guns. Just a few guns difference does not sound much, but the guns of a 64 were generally smaller, meaning that the weight of the broadside would be a lot less. This would make them unable to stand up well to the French and Spanish ships of the line.
The Royal Navy converted some of its smaller ships of the line into large frigates by removing one deck. ( Frigates were not expected to take part in the line of a large battle, but were used for patrolling/scouting/raids etc. ) This was known as a "razee" from a French word meaning "shaved". HMS Anson was converted into a razee before this token was issued, making the image out of date.