Favours given as signs of love are sometimes called "tokens" in the SCA, and as such should preferably be of personal significance to giver and reciever. Ordinary favours (not tokens) do not imply any love interest by themselves, merely that you uphold someone's honour for reasons of friendship or political alliance.
Tokens of esteem may also be given in the SCA. For example you might recieve a tassel for winning a tournament, or a small metal charm or similar in honour of your travelling (wayfaring) a long way to an event. These type of tokens can also be freely displayed in similar manner to favours, but do not imply that you are representing the group that gave the token.
The difference between a favour and a token varies from kingdom to kingdom. In Meridies, the definitions of a favour and token are the opposite of what is described above, with a token being a casual gift of honor and a favour being reserved for romantic intent. In the East Kingdom, the term favour is used for all of the above. In Ealdormere, the practice of giving site tokens (often of pewter) is a common method of showing that someone has paid their site fee for attending an event, and reign tokens are sold to commemorate the reign of each King and Queen (all proceeds go to the Royal Travel Fund).
In some places, the terms favour and token also refer to specific physical objects. A favour in this case is a piece of fabric, often worn on the belt, illustrated with some device or insignia. It can represent an office or a group affiliation as well as more personal relationships. A token can be any trinket worn on a string, and can also refer to a site token.