What The Experts Say...
All of the varieties of the Catch Club tokens are rare. Various writers have speculated that it might have been a cricket club or even a secret society. (See Token Collectors Pages. P. 53.) Our guess is that it was a singing society. (A musical "Catch" is a round.)
(H. Joseph Levine, PCAC, The Litman, Sullivan & Dreyfuss Collections, December 4, 2004)