~~~ (CCA website) that the metal components are "overlays..." Not to be confused in metal inlays which are embedded flush in the surface though, there are full-blown die-cut inlays embedded flush but, with an embossed texture (archived here). He also goes on to explain that the casino used to sell inventory to jewelers who made items such as yours. There are some jetons not listed in ChipGuide that are out there in collections.

I never collected Monaco....