I don't think anyone could disagree that chip #1 is different from all the rest.

Chip #2 is different from the rest in that the inlay is yellowish while the other 3 are white. It's suggested that may be an age thing, and I can't convincing argue otherwise. I can measure a different distance between "Silver Smith" and "Wendover" in chips #2 and #4 vs. #3. From the bottom of the "S" in Smith to the top of the "v" in Wendover is 0.34" on chips #2 and #4, and 0.37" on chip #3. This difference is consistent across several examples of each variety. Along with the thickness of the font and other measurements I've made, I'm convinced #2 and #3 are different. (The placement of the red "50¢" is also different, but you could argue color registration. I don't think we'd have a registration difference on two black elements.)

Chip #4 is different from all the rest, in that it's a long cane and the rest are short. Therefore, I believe I've shown 4 distinctly different variations. As if anyone but you and me cares !

BTW, I have several of these available for sale at $8 each, shipping included.