Nice little piece of history.
Emmanuel will be name of an individual baker and these tokens were commonly issued from around the early 1900s until store-bought bread overtook fresh-baked.
A very typical usage was that the customer paid for twelve loaves of bread but received thirteen tokens (a 'baker's dozen'), each redeemable for a loaf. The customer benefited from the discount and the baker benefited from having the money in advance, together with the loyalty of a customer who was locked-in to future visits. Some bakers sold the tokens in bulk at a discounted rate too… there is a record of one baker selling them at twenty-four for a dollar.
They may also have been given as a ‘bonus’ if you purchased a certain amount of goods.