Frank, I would say that one side was painted before the hot stamp was stamped if you look at the Scrown mold on the "cream side" the mold is slightly filled in where the blue side looks sharper.

Second if you look where the chip was “hooked” on a coin holder or belt buckle you can see the blue under the cream on the sides.

My guess it was made for a money clip or belt buckle for Sahara Tahoe and they did the paint over at T R King factory