While I have no direct evidence to support that theory, I tend to agree with you Don ... that the concentric circles are on the die ... not on the CIC blanks ... and are therefore struck into the center alloy being used at the same time the lettering is stamped. I don't necessarily agree that the circles disappear with repeated strikes of the die however. I think perhaps there is more than one die and more than one press used to manufacture the CIC's. Perhaps one die is unfinished resulting in concentric circles while other dies which have been polished prior to striking create the smooth finish.

Interestingly, Luis Alvarez just told me that the Bahamas Playboy 25th Anniversary CIC chips are all concentric centers ... something I never realized before... which would enforce Don Lueders' concentric die strike theory, rather than concentric blanks.

However, that having been said ... a question remains in my mind, why is it with respect to Atlantic City backup CIC chips ... most all of them seem to be concentric centers while the primary sets are smooth?

Should there be a separate catalog value for CIC chips with concentric centers? Obviously, for the most part, concentric centers seldom appear vs. their smooth counterparts in most cases.

On the other hand ... would a smooth CIC Bahamas Playboy 25th Anniversary chip command a premium over the "normal" more common concentric center?