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It is entirely possible that I simply don't know how these work but...

I was given an ebony performance token from getting my publication done with the Waterdeep Publishing house. I went to Silverymoon to turn it in to join the college.

S-Marble Staircas
A large room serves as the study for the headmaster of the school.
The walls are paneled in dark oak and the floors are covered with
expensive rugs. A large desk dominates the room and bookshelves
cover the walls, holding and odd variety of tomes and scrolls.
The Headmaster of the Lady's College sits at his desk.
The Headmaster asks you 'So, you want to be a bard?'
You say 'yes'
The Headmaster says to you 'Being a bard is more than being just a thief with a'
The Headmaster says to you 'sharp sword and some spells.'
The Headmaster says to you 'It is a way of life, just as much as a Ranger or a Paladin.'
The Headmaster winks.
The Headmaster says to you 'But we tend to have more fun.'
The Headmaster asks you 'Do you have your performance token?'
You say 'yes'
The Headmaster says to you 'Give it to me then.'
You give an ebony performance token to the Headmaster.
You blink.

The token did not trigger anything. Am I mistaken for the purpose of these? I had to apply to get it back the first time, thinking I had screwed up.

You only had the wrong token. You should have the correct one now.