dont think they encased it and 1/2 stamped t&c thats even more remote, i am not familar with the token but i am willing to bet the paulson red chip was hacked out first, not encased and stamped....i mean come on look at the edge of that, a mill bit will machine a clean center, then you could press or insert the token with adhesive.....come to think of it, what does the reverse look like?..are you saying the red is just an outer ring and the center was not milled out?....i dont know i would have to physically exam it....btw it was on ebay not too long ago....again just guess'n