Looks like a fake to me. Laser etch. It is amazing with all of our current tech, they still cant carve an ivory like they did.
https://www.ebay.com/itm/Antique-Old-West-5-Dollar-Gambling-Cowboy-Era-Poker-Chip/142875338958?hash=item214408a8ce%3Ag%3AgI0AAOSwSrJbUSoS&_sacat=0&_nkw=gambling&_from=R40&rt=nc
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