Token With UK Royal Arms *and* Blazon Of Paris?

I'd agree with the gaming token theory.

The token-makers of Nuremeberg began producing gambling tokens, for distribution with decks of cards, in the early 1800s, and continued doing so up until World War I. Many of these tokens imitated actual British or french gold coins. As Britain passed various laws prohibiting such almost-replica designs on gambling tokens, the token-makers shifted their design away from direct copies. Thus, we have a token like this one - with a coin-esque design of coats of arms, but not actually resembling any then-existing British or French coin.