No, not truly engraved, just incised by mold when made, and then paint/ink is smeared over the chip, then the chip is wiped clean with a rag or whatever, leaving the paint/ink in the "engraving." The old catalogs called these chips "engraved," and the term is used today to dstinguish them from the 2 other main kinds of old poker chips -- embossed and inlaid.
Robert