My pal's mother was from Hamburg - born in the late 20s. What is written on this token is what the Hamburg boat owners / skippers used to shout to each other as they passed:
"Hummel, Hummel"
"Mors, Mors"
Which translates roughly as:
"Hello, hello"
"Arses, arses"
Hence the word "mors" is hidden, and there are two bare backsides on display.