What is the difference between coins and tokens?


As I understand it, coin is strictly a currency that can be traded, and accepted by people buying and selling things if those buyers and sellers choose to accept the coin. And a coin has its own blockchain or equivalent, and is not built on another like Etherium.

But a token is something that can be built on another platform, like Etherium, and a token actually plays role within the business operations and transactions of the company that issues it.

Am I right or wrong? And please share more insight.