Yes, you could be right - Or it was removed to see what casino it was from, we can only guess - hopefully it will stay in someone's collection as a cancelled. Altered, Repaired ,misleading or maybe a cleaned, Restored chip - what ever name a collector wants to tag it - as long as it is NOT sold again ( if ever ) as a Rare or Original by a dishonest seller - $25 chip for under $10. or so.