... to pre-WWII with European manufacturers (not to be confused with Monaco overlays) used in French, German and Italian casinos.

Seen below is such an example of an actual die-cut metal inlay set in a Celluloid-type pastic jeton (CC monogram)... and, though the example seen is worn, other examples in my collection have intricately die cut surfaces. By surface, I refer to the actual die cut itself; as if it were engraved upon.. so it wasn't a matter of the inlay being placed and then buffed to the surface of the slug, but rather placed at the definite depth.

JB