Hi Archie;

I've got some information on these things and some good pictures but the pictures are very large files to upload. If you remember the cross section picture of a Bud Jones CI Bahamas chip in my book, (By the way a new edition will be ready in time for the convention, now that's a shamelss plug) there are two individual coins in a chip. I removed these from the plastic ring and found that they were spot-welded together. Then I pried the two coins apart. Looking at them it was obvious that;
1. each individual coin is punched out of sheet stock, I can't say for sure, but it appears to be stainless. It's non-magnetic.
2. The original stock appears to be 1/16 inch thick.
3. There are edge sheer marks that make it obvious they were punched out.
On both coins from this chip the rings were only present on the outside surface. Under magnification it appears that they were on the coin planchet before it was struck and not a result of polishing the die or hub. I say that because you can see the rings in the smallest of spaces like between the bunny ears (sorry about the Playboy technical jargon).
It appears that the coins were punched then polished, where they picked up the rings, then stamped and welded together.
Anyway thats my version, the one with the monkeys is good also.

Tom