Greg,

I am not sure how the process works. Chipco is very protective of the process, as you can imagine. I was very surprised to learn it started with the inlays as a piece of paper. They are somehow pressed on or into the white clay compound. I had always assumed it was some sort of ink stamping process.
I would guess B&G does the same.
BTW, the Luxor $5 Chipcos are being replaced by B&G chips. Other denominations will come one at a time.