token vs party favor

token and party favor both are nouns.

Word	Noun	Adjective	Verb	Adverb
token	Yes	Yes	No	No
party favor	Yes	No	No	No

As nouns, party favor is a hyponym of token; that is, party favor is a word with a more specific, narrower meaning than token:

token: something of sentimental value
party favor: souvenir consisting of a small gift given to a guest at a party

Other hyponyms of token include love-token, favor, favour, party favour.

token (noun)	party favor (noun)
a metal or plastic disk that can be redeemed or used in designated slot machines	souvenir consisting of a small gift given to a guest at a party
something of sentimental value
an individual instance of a type of symbol
something serving as a sign of something else

token (adjective)	party favor (adjective)
insignificantly small; a matter of form only (`tokenish' is informal)