If chips were made to fool collectors, I class them as counterfits. I have no idea why the El Rancho chips were made. Counterfits can be counterfitted to fool others than the casinos.

IMO, Borland chips like those below and the Mizpah chips are counterfits made to fool us. Casinos would probably not consider them counterfits as they are different than the originals.

In your terminology, the only true counterfit I have seen is the Fremont $25. I am making a distinction from altered chips.