This token from the downtown LV club is a genuine steel promo token. It was used in the 70's and is catalog 292.0 in the Nevada Casino Promo Token reference. Valued there at $4-5. I've seen several so they are not particularly rare.

Apparently they thought that in the dry desert air, the unplated steel would not rust. They were wrong. Aluminum works better.

By the way, I have these steel tokens from:

Golden Goose
King of Clubs
Two Un-labeled, but known to have been used at Mr Sy's
Sassy Sallys
Silver City (with paper sticker)
Treasury
Two Different from Vegas World

If anyone has steel tokens from other clubs, I'd be interested in trading or purchasing.

DonL