Has anyone seen an elliptical inlay like the one on the Horseshoe quarter in this eBay auction? It's not a scan distortion as the chip is round. Could this be a paste-on?

The seller was asked a question about it but ignored the issue.

http://cgi.ebay.com/25-Old-Obsolete-Casino-Poker-Chip-Binions-Horseshoe_W0QQitemZ6214518758QQcategoryZ63756QQrdZ1QQcmdZViewItem