Captain, I would think that a fantasy chip is one from a casino that never existed or a design that never existed (like the Borland commemoratives) from an actual casino.

In my mind, a fake is a copy of an actual chip that is made to deceive the collector, perhaps the casino. I think that the counterfeit is the same as a fake, but the term conotates, at least to me, a fake to deceive the casino. Just as counterfeit bills are to made to pass as genuine ones in a transaction.

How about you, how would you define the terms?