A coin is native to its blockchain and pays its fees: BTC on Bitcoin, ETH on Ethereum, SOL on Solana. A token is created by a smart contract that lives on someone else's chain — USDC, UNI and PEPE are tokens on Ethereum, for example.
In everyday speech the two words are used interchangeably. What matters more is what the asset gives you: a payment unit, a vote (governance token), a claim on real assets (RWA) or nothing but a meme.