Rare to see a PCI example for sale in a local auction: Any reason to be suspicious other than not one of the top TPG's?
Personally I don't see any signs showing that the token is not authentic. I'd definitely crack it out though; It's like having an MS capped bust dime in a mylar 2x2 holder.
Suspicious by nature I always consider the possibility a coin may be counterfeit! This particular holder/ TPG is really irrelevant if it is a fake versus one of the current top 4 who guarantee authenticity.
OK, not sure what the Lady Godiva token adds to the post, but the next images are of a "struck copy" recently sold by Stacks:
The elephant with castle on its back was part of the arms of the town of Coventy, the town the token is from.