Unknown; with no documentation regarding attribution (unless someone has recorded such info, lately)... though there have been a few guesses, but those who have been students of casino gaming for 45+ years have no idea. Such students as those who have helped and contributed to the most collective documentation know to exist regarding chips from Monte-Carlo, Vichy and all of France.

There are similar pieces from M-C and Monaco, but the lettering on those pieces are quite clear as to what they stand for.

Study also tells us that this type of manufacture was first introduced in the early-20s [1925-1931]... Also, notes show that European historians have checked with manufacturers who maintain records and collections; without any record of attribution known by such manufacturer.

As I noted, there may be recent attribution that I and others are not aware of... and I look forward to reading of such.

JB