Of course, few modern chips use the process of molding a rim mold and a custom design in one step. The more common methods are to make generic chips with only a rim design, and hot stamp the custom design in a separate step. If the chip is made with a paper/plastic inlay, again the only thing molded into the clay is the edge design, with all the custom work done on the printed inlay in a prior step of the process.
RobertE knows more about the process of making the old poker chips than I do. Maybe he will add to this discussion.
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