Yes, token is a Scrabble word!
...and is worth 9 points in Scrabble, and 10 points in Words with Friends
token
Adjective
1. Insignificantly small; a matter of form only (`tokenish' is informal)
Noun
1. An individual instance of a type of symbol
2. Something serving as a sign of something else
3. A metal or plastic disk that can be redeemed or used in designated slot machines
4. Something of sentimental value
What Scrabble words can I make with the letters in token?
4 Letter Words
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3 Letter Words
2 Letter Words