Some historians have mentioned that during the time of development of a resort in a spa town there may have been a casino attached to the property that had thermal services and it might simply been a gambling salon on the property; and mentioning it was part of such property. Though the reverse has a 500 denomination, there is no monetary unit. I had a collector visit Caro years ago who had asked if there was any record of the monogram and, though this was during a time where portions of their collection was being sold, there was nothing known. I also had a family member of an engraver in Dieppe check to see if maybe someone knew of the monogram since there were many engravers in Dieppe. I am aware of sample nacre jetons and plaques of which most from Caro simply had denominations in script or numeral. Some of those were for sale at the time of liquidation of the Caro material and some of those pieces are even in books. Myself and a few other collectors were fortunate enough to buy some of those pieces, though they were only uniface without any graphic except denomination and some design such as a crown or helm. Also note this piece has a serial number. Even though suggested, I do not think it is from Vichy, and I seriously doubt it is from France at this point. I am also in contact with orchid collectors in Eastern Europe who have been searching spa towns in the 1800s, but nothing definite found.