It is a good catch...
I picked up one of these 2 years ago from another seller, that sold about 4 of them. I haven't seen any since, but I don't go looking for Sands chips either. I have to agreed with Ryan. All the printed H&C logos I've seen on Paulson samples are the other way. Looking at my chip closely the hotstamp is not as clean as you would normally see on Paulson chips, some of the lettering and the H&C is filled with gold.
I think the H&C is there so the seller can say Paulson on the listing so it would catch untrained collectors like me.