Did you have yours tested, Dennis? It's listed in the Nevada Promo Token book as "Nickel-silver" which has no silver in its composition.

From Wikipedia:

Nickel silver, Mailechort, German silver, Argentan, new silver, nickel brass, albata, alpacca, or electrum is a copper alloy with nickel and often zinc. The usual formulation is 60% copper, 20% nickel and 20% zinc. Nickel silver is named for its silvery appearance, but it contains no elemental silver unless plated.

It is old and scarce though. The '93 book values catalog 26907.0 at $50-60.