This particular Merchant token is notorious for a weak strike, sometimes the center words are very faint.This one is pretty well struck. It is supposed to be struck in brass and white metal but in hand this one reallylooks like it may be a copper planchet. I may have to look into it further.Here is my image
Sure looks like copper from the pics. Heck, it doesn't look like it could get any more red! Have you been able to trace any other copper examples?