Nice chip Westen... it is a mystery for sure and Don hit on a mystery as well. A common inlay like this was made with a thin piece of celluloid, the same material that film was made of. In this case the white color celluloid "film" was cut in the patern with a die much like a sharp cookie cutter. The inlay measures (.010) ten thousanths of an inch and I robbed this one from a very worn PW-MJ Maltese Cross chip. I have always wondered how they placed the inner celluloid portion on the inlay with such precission on the R,P,Q,B,D etc monograms?

The Qs shown here have no noticable center placement variation from chip to chip. How did they do this?

Above is the inlay with a plain chip placed on top of it and the chip it was taken from.