A round five-penny dividend token of the Manchester and Salford Equitable Co-operative Society Ltd. The token was struck by George Yorke Iliffe of Birmingham. The obverse and reverse are identical.
Dividend tokens to the value of the amount spent were handed to co-op customers for each transaction. When a number of tokens had been collected, they could be exchanged for a single token of higher denomination. Each year, a dividend, expressed in pence per pound, was declared, and holders of the tokens were able to exchange them for cash at that rate. If the rate was judged to be too low, holders of the tokens could retain them in the hope that it would improve the following year.