The chip shown belonged to George Jay Gould, son of fabulously Jay Gould.

The infamous robber baron, Jay Gould, was blackballed from the New York Yacht Club (“NYYC”). Jay, in response, formed the “more exclusive” American Yacht Club (“AYC”).

It is clear from the burgee shown on George Jay’s chip that Jay’s son was accepted by the NYYC.

Maybe it’s just me looking for something that’s not there but it appears that George paid homage to daddy’s club in the design of his chip