This is listed in Cunningham's Michigan Trade Tokens book as being from Owosso, MI. There are two 5¢ varieties listed, but it is impossible to tell which is which - the book describes them as "large 5" and "small 5". They are each shown as having a value of $4 (in 1987) - I would imagine that would be about right for the condition yours is in. Cunningham gives no historical information, but I would say this is typical of the period shortly after WWII. A "recreation" is an upper Midwest term for a pool hall or tavern.
John in ID
I`m new to the hobby and i need to get a library going,those books can be a lifesaver.The token was found in Owosso,Mi. so I`m going to hit the local library and see if i can dig up some more info on it,I`ll post so you can add to your book if i find more info.thank you agin. Sandrailer.
Your library probably has a run of City Directories that should allow you to date this token pretty closely. The only problem with using them is that they often did not list businesses by the business name - many times they just list the owner and the type of business. In the back of most City Directories is a classified business section, like the Yellow Pages. This one may be listed under several possible headings.