It's copper, made by Michigan Tool in 1965. These were the first slot tokens made for use in Nevada. There were only six clubs that ordered these. In addition to Sahara Tahoe, there were Thunderbird Las Vegas (two varieties), Nugget Sparks, Crystal Bay Club, Harveys, and Nevada Club/Nevada Lodge.

If it's uncirculated, I'd put it higher than Ron... something like $20-40 retail. They are not easy to find. A chip this scarce would be $100+; there just are fewer token collectors.

Because the design is incuse, it's sometimes hard to tell if they have wear. Best to examine the reeded edge for smoothing and dings.