It appears to be a clay marker chip that has been hand engraved with the club name. Undersize chip. These are often used to mark credit advances, call-bets, or to mark value of stacks of roulette chips.
It was pictured in Howdy's early book on Nevada chips but the detail is slightly different so I don't think the script was added by mass production means. It is not flush with the surface.
TCR lists four other color/denominations, but calls them all"hot-stamped". I'd be interested in them if anyone has extras.
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