The token that exists before is destroyed (spent) when you lock to a pubkey, which results in a new token. The old token can not be spent again.
Discussion
(It's not encrypted to a pubkey, it's *locked*, i.e., it's irreversible)
Okay so basically you burn an old token and ask the mint to create a new one locked to a pukey.
How is that supposed to work for offline transfers then? I saw something like that with cashu.me and offline transfers.