If it is marked sterling like this one, it is .925 silver. Otherwise it is nickel alloy with no silver content. Franklin mint issued sterling tokens in the Proof and Proof-like token sets in 1967 only.

The 5's that were made for the casinos and not silver are probably scarcer today and the sterling ones as most were destroyed. Conversely, lots of the sterling tokens have been melted for the scrap silver. You see the sterling versions for sale much more often on ebay, anyway, and they generally bring from $35-60 bids.