The Sphinx's token is a quest item obtained from the Sphinx in Sophanem during the Icthlarin's Little Helper quest. Upon asking for help from the Sphinx, she will give you the token and direct you to talk to the High Priest. Initially when speaking to the priest, he wishes to not communicate with you. Although when the player presents the token, the priest surprisingly says that he will listen to the player, if they have somehow received the Sphinx's approval. He then takes the token and the player is free to talk to him at any time without approval. If the player manages to lose the token, they can ask the Sphinx for another one.
Although the examine text says it is a statue of a sphinx, it actually appears to be a normal cat, as it is missing vital features of the sphinx, such as a long headdress and large wings.
In the Wise Old Man's house, he has a golden statue of a sphinx on his bookcase, very similar to the token. This may mean he too has spoken to the sphinx and received a token off of her. When the player asks him about his life, he will mention that he visited Sophanem and purchased the statue as a souvenir. After he is asked if he has spoken to the Sphinx, he replies that the Sphinx is simply a tall tale and does not exist. Although the player will protest that it does. This can only happen after one has completed Icthlarin's Little Helper.