I'm the proud owner of this chip. I bought the chip knowing it was probably a mule (a fake.) I'm aware of the story that a number of years ago a large number of Frontier Hotel coin inlays were found. I think because the chips were burnt and the inlays were trashed. So that's what I believe because that's what I've been told. Years ago Frontier Hotel metal inlays were commonly offered for sale. The chip was entered on my behalf by Charles Kaplan who assumed it was legitimate. I think a note should be added to these chips in the ChipGuide and I'll attend to that.
What has intrigued me about this chip and (and also I think the two below) is how well the inlay is fit into the chip body. As far as I know there are very few Bud Jones coin center mule chips. Maybe I'm a little cynical but if it were easy to accomplish then I would think that there would be quite a few chips with foreign coin inlays inserted thereby making an instant rarity.