It turns out that the chip was being sold by our own Gerald O'Neal; I asked him for more info--not much more could be offered--and no guess as to why someone would go to the trouble to "counterfeit" a chip of the same low face value. Here's Gerald's reply. Just so it is clear: Gerald correctly described the chip as a strange bird and made no claims about its authenticity. I wish I had bid on the thing.

Hi Travis, No More Birds. This is one
of a number of oddities that I have
picked up in the last 18 years of
collecting. If you were at the national
convention you probably saw David Sarles
exhibit on Fakes, forgeries, and
Fanasty. It would have fit in with this
exhibit. Back in the early years one
could pick up oddities in chips & tokens
out of inventories and Boxes of chips
for 1 to 3 dollars. I believe I got this
in 1993 or 94 at the trade session
before the start of the show. Hope this
helps and thanks for your interest.

Gerald O'Neal
CC & GTCC Ch-088