Consider this plain TeX file:
\newtoks\t
\t={#}
\showthe\t
\bye
If you compile it (with tex of pdftex), then in the output you get
> ##.
l.3 \showthe\t
Why do I get two of the #s?
(The background: I want to build the body of a macro definition in a token list, and the macro takes one argument that I want to put into the token list as #1. The idea is to use \edef\macro#1{\the\t}.)