He says it is not a chip. The fact that it has the image on only one side is I guess a determining factor. BUT... he also said that it is probably a "one of a kind" possibly even a hand made personal DEALERS BUCK. Vintage unknown but certainly very old. As far as the FRASER speculation... says, "I don't know could be."
Personally Roy, I think FRASER made it before the BUFFALO NICKEL but who will ever know for sure. Maybe take it to an Art Expert? I would not hurt to get a second opinion. Thanks for sharing.