The token grants the bearer free access to plays at the Bristol Old Vic and will be auctioned later.
A theatre token dated to 1766 and which allows the owner unlimited access to shows could still be valid after it is auctioned off later.
A spokesperson for the auction house said: "It is believed 20 of the coins have survived but only a handful of these have ever been offered up for auction. There were 50 original shareholders, or proprietors, who each raised £50 - a substantial sum for the 18th Century - to fund the construction of the theatre and received one of the silver tokens in return.
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