Watch List notes:

WORLD COINS, WEST AFRICA Dahomey, West Africa (Benin). G L Gaiser, Hamburg Factory, Porto Novo. Copper Merchant's Token. G. L. GAISER . PORTO NOVO. Rev. HAMBURGER FACTOREI, 24mm (Sönnich Grossmann, Thorsten Krawinkel & Karl Schulz, Marken und Zeichen der Freien und Hansestadt Hamburg, 2009, G 002.01.01). Small scratch on the obverse and a couple of dark spots, almost as struck with some original mint red.
The company, founded in 1859, opened its first African factory in 1869 and the Porto Novo factory in 1883, from which time this token probably dates.

Estimate: $ 100