H.A. Robinson published some biographical notes about Waters in his article 'Auckland Tradesmen's Tokens':
'Edward Waters owned a Coffee Palace (Temperance Hotel) in Auckland, which was the rendezvous of Pacific Island Traders and sailors. He was interested in pearl fishing and was well known to the roving South Sea mariners. He was also a wholesale and retail confectioner in which capacity he issued his penny tokens. This hotel has now changed its name but at the time of writing (1974) it has not been possible to discover what this name is.'
The token is listed in the Museum Victoria catalogue as being struck by Stokes and Martin Mint, Melbourne, and having been issued circa 1872.
Robinson, H.A. (1974). 'Auckland Tradesmen's Tokens', The New Zealand Numismatic Journal, May, p.143.