Overview:
Why is the Merge Field in Vault showing the token instead of the document metadata?
Root Cause:
In some way, the field is locked on the Microsoft Word source document.
Solution:
One example is that Content Control is set up on the field in the Microsoft Word document.
The solution is to be sure there are no locks or content control on any of the fields on the source document.
Related Documentation:
Vault Merge Fields Documentation: Using Merge Fields with MS Word