I shot the chip with the guy close up and it looks like a photo. They all do. There are scratches on all but, the girl with the phone. They are not , what I would call, a true crest and seal. The rings were certainly applied when the chip was made. I'm trying to picture how a carny or street vendor would make them. And why would someone give up a favorite photo to have it put on a chip? I could see someone having a grinder to gouge out the circle and then die cut the photo to insert. Or maybe you could order chips from USPC with the center dipped out on one side ready for a photo. It would be good to find an ad somewhere from that time period, saying they could put your photo on a chip. I guess it would be a nice gift for mom or your boy/girl friend. It also seems that every C&S chip is made from an artwork litho, not photos. The closest one I can think of to a photo is the Yellowstone Falls chip. If it's a photo it was screened for the litho. In the case of the girl with the phone chip, The ring on one side and the letter on the other is different than anything I have seen. It looks factory made.