FIRST TOKEN OF THE AARONIC PRIESTHOOD

The First Token of the Aaronic Priesthood is given by clasping the right hands and placing the joint of the thumb directly over the first knuckle of the other person's hand. 

The name of this token is the New Name that was received in the washing and anointing ceremony.

The sign is made by bringing the right arm to the square, the palm of the hand to the front, the fingers close together, and the thumb extended.

The execution of the Penalty was represented by placing the right thumb under the left ear, the palm of the hand down, and by drawing the thumb quickly across the throat to the right ear, and dropping the hand to the side.

The officiator in the pre-1990 version, after demonstrating the sign and execution of the penalty, said:

"I will now explain the covenant and obligation of secrecy which are associated with this token, its name, sign and penalty, and which you will be required to take upon yourselves. If I were receiving my own Endowment today, and had been given the name of "John" as my New Name, I would repeat in my mind these words, after making the sign, at the same time representing the execution of the penalty: I, John, covenant that I will never reveal the First Token of the Aaronic Priesthood, with its accompanying name, sign, and penalty. Rather than do so, I would suffer my life to be taken."

The Officiator demonstrated the execution of the penalty while saying the last sentence. The company was then instructed to stand, and while making the sign, recite the oath in unison while executing the penalty. The present-day version is similar, but without stating or demonstrating the penalty.

SECOND TOKEN OF THE AARONIC PRIESTHOOD
(received with robe on left shoulder)

This Token is given by clasping the right hands and placing the joint of the thumb between the first and second knuckles of the hand. 

The name of this token is one's own first given name if going through the temple for one's own endowment, or, if going through for the dead, it is the first given name of the dead person.

The  sign is made by bringing the right hand in front, with the hand in cupping shape, the right arm forming a square, and the left arm being raised to the square.

The Execution of the Penalty was represented by placing the right hand on the left breast, drawing the hand quickly across the body, and dropping the hands to the sides. The oath was similar to the previous penalty oath.

FIRST TOKEN OF THE MELCHIZEDEK PRIESTHOOD, OR SIGN OF THE NAIL
(with the robe on the right shoulder)

This token is received by bringing the right hand into this position: the hand vertical, the fingers close together, and the thumb extended; and the person giving the token placing the tip of the forefinger of his right hand in the center of the palm, and the thumb opposite on the back of the hand of the one receiving it. As indicated by its nickname, it represents the nails in Jesus' palm when he was crucified.

The sign is made by bringing the left hand in front of you with the hand in cupping shape, the left arm forming a square; the right hand is also brought forward, the palm down, the fingers close together, the thumb extended, and the thumb is placed over the left hip. (For a photograph of two Mormon men in their temple robes making the "first sign of the Melchizedek priesthood, click here.)

The penalty was represented by drawing the thumb quickly across the body and dropping the hands to the sides. The oath is similar to the previous oaths. The name of this token is "the Son", meaning the Son of God.

SECOND TOKEN OF THE MELCHIZEDEK PRIESTHOOD,
THE PATRIARCHAL GRIP, OR SURE SIGN OF THE NAIL

This  token is given by clasping the right hands, interlocking the little fingers, and placing the tip of the forefinger upon the center of the wrist. The thumbs should be parallel with the fingers.

The sign is made by raising both hands high above the head, and while lowering the hands three times repeating aloud the words:

"Pay Lay Ale; Pay Lay Ale; Pay Lay Ale."

The hands are lowered in three distinct movements, one move for each word. [1] Pay--hands above head, [2] Lay--both arms dropped to the square, [3] Ale--both hands lowered to the height of chest.

The words spoken when giving the sign of this token are said to mean "Oh God, hear the words of my mouth!" Since 1990, the original name has been abandoned in favor of the translation. The reason for the change may be that too many people heard the name as "Pale Ale Ale," and, since alcoholic beverages are strictly forbidden in Mormonism, there was confusion.

The name is not given at the time the token is given, but is withheld until the patron is at the veil, at the very end of the endowment (see below).

No specific penalty was given to accompany this sign, but the obligation of secrecy was said to be the same as for the other signs and tokens which had specifically stated penalties.

Source: MORMON TEMPLES AND TEMPLE RITUALS by Richard Packham