An incidental advantage of using a token hoop is that if you drop it you have a better chance of finding the token: tokens are only 4” or 5” long. I used to do it without hoops by standing on the board crossing as the train approached with my arms stretched up and the palms together as if praying, but with the fingers apart. Ideally (and usually) the driver would hold the token out with the flat part parallel to the train so that it slid in between my hands. As soon as it did I clapped my hands together and stepped aside. It could go wrong, most likely because the driver moved his hand at the last moment and I dropped it, got it thrown at me or bashed my knuckles. According to the rules (General Appendix, I think) DMUs were supposed to stop to receive the token, but we saw no reason for another stop.
On the occasions when a driver had to collect a token, I held it hanging down with the key end between two fingers and my hand turned round. The driver just had to lean out, grab the token and it slid backwards out of my hand.
These were my methods: other signalmen had different ones. One chap used to collect with a sort of underarm swing and deliver it with an over arm one aiming to slap the token on the driver’s hand. Another used to dart forward once the driver was right up to the handover point and either offer or grab the token.