I think that the 500 is the denomination. It may not be dollars, but still a denomination. I'm sure that you have seen the NWSC C&S chips with denoms up to 500 and 1000. I also believe that the outlined object is a clover or a shamrock, definately not a "club." I have several chips with a "club" pip around a numeral, monogram or a name. These were meant to represent an establishment, such as a "Club", not this chip, though.