Most Gaming tokens are made of mixtures of Nickel and other metals or they are made of special mixture of brass.

There was a program on the History Channel (Breaking Vegas) on Louis Colavecchio who was the King of token Counterfeiters. He took a token (turn it into a piece of jewelry) and sent it off for Metal Analysis. It came back as a “protected” Alloy. The only thing that came close, was an Alloy a unnamed brand of flatware.

I'm sure the New Alloy is very different than what it was 10 years ago!