This appears to be an old Carlo design poker chip with an inverse star inlay. The question is how did they get the Carlo spots to be white? Was the paper inlay precisely cut to just cover the dots before molding? Seems unlikely. Was the paper cut by the molding die in some way?

The white image is flush with the surface so doesn't appear to be painted or silk-screened on. Also there are no chips in the white image.

Mystery chip from the Convention, 2007.