Now if the design on the chip listed an old west saloon, some uninformed, but rich, collector would pay $1000+

By the way, blow up the scan and look at the word MAURICE. It is clear the each line has the same width from the start of the letter to the end of the letter. A hand carved chip would use a series of simple curved lines. Each kind would begin heavy (as the knife enters the ivory) and end in a fine point (where the knife exits the ivory). Definitely not hand carved

Having said that, I would have paid $15 a a neat souvenir, maybe a card topper.