Member Dale Seymour wrote the book on these in 1998 called ANTIQUE GAMBLING CHIPS. This design is called PW-AD, Excello. He valued it as a d in his book ($4-5). The PW-AD could be diecut since something held the center of the arrow in place after the cutting operation.

There's a similar design that doesn't have the breaks in the lines that make up the point on the arrow. He called this one PW-AB, also Excello, with a value of e ($6-7). This design could not be die-cut and inlaid in the chip during manufacturing as the center of the arrow floated free after cutting.

There are hundreds of chips pictured in the book. The first half of the book is ivory chips which are generally even older (and more valuable) than the clay chips like yours.

If you don't have this book, the Club has a supply of hard-cover versions that they sell for a low price.