Coin : A coin operates on its own independent blockchain. Examples include Bitcoin, Ethereum and Litecoin. Coins are typically used as a form of currency or a store of value.

Token : A token exists on an existing blockchain like Ethereum and is usually created via a smart contract.Tokens can represent a wide range of assets or rights such as utility (access to a service) security (ownership in a project) or governance (voting rights in decisions related to a platform) Examples include ERC-20 tokens like USDT (Tether) or LINK (Chainlink).

In short, coins have their own blockchain, while tokens are built on top of another blockchain.