$fullname$,
$email$, $name$ and tokens like that can be used when creating emails via Sitecore Email Campaign Manager (ECM).
You can control
the value Sitecore displays at the email, when the current email recipient has no
full name added. The value is stored at the Subscriber profile item of the ECM,
placed in the Core database at /Sitecore/system/Settings/Security/Profiles/Subscriber. By default, this profile item has to fields [Fullname] and [Phone], respectively. The value
added to the [fullname] would be displayed if the current recipient has no full
name.
