The chip says PAT. July 21, 1896. From the look of the inlay (and, of course, the patent date), I believe that the chip is one of the earliest known c&s. The chip is Seymour coded PM-HK. This chip (as well as a blue, white & yellow) came from the Seymour collection. I have not seen another.

BTW, the number of stars on the US Flag had just changed on July 4, 1896 from 44 to 45 stars. There was never a US flag with only 16 stars.

Shown are both sides.