Possible. Though most of the known/documented Monaco examples follow Day's published descriptions (overlay) while this type of manufacture is a Die-cut metal "inlay" such as the Flamingo, Tahoe Village and Kentucky Club chips.

I sent an example of this to Jim Blanchard way back when.

Notice how these wafers are textured/embossed compared to those used in the Burt chips which are not.

The worn examples of these chips appear to resemble those in the clay composition chip and looked like an "O" and not the back-to-back CC to those who used their imagination and ran with it as being NOLA... and, then when I explained to the World 😀 that the monogram was CC... and exhibited examples like this which are in their original state of preservation, some went with it being Cuba and reported they were spotted there... and some said they were Monaco and some could care less where they're from (or not from). 😀 And, while all this was going on, some were saying that several of my MOP chips from France and South America were "thought to be Cuba" and even said made in Cuba... and some ran with that as well. 😀