Another find at the convention was this monogram "N" poker chip. It appears to be an inlaid chip, but the monogram is incuse, as if it were a molded chip from engraved dies, or a hot-stamp. The quality of the image is very good and I doubt it is hot-stamped. Looks more like scrimshaw on an ivory chip. Detail on the two sides is slightly different.

Any ideas how this was made?