Complex sentence: To not have a voucher might mean simply that one had not applied, but to lose one's voucher meant that one had been tried and found wanting, a social disaster for those dedicated to their position in the "ton".
Split into simpler sentences: To not have a voucher might mean simply that one had not applied. But to lose one's voucher meant that one had been tried and found wanting, a social disaster for those dedicated to their position in the "ton".