Bendel Corperation with R reverse. This chip has so much gold on it that it is unbelievable. It looks as if the gold was poored onto the chip. I do not know a lot about the "hot stamp process" but I have seen fresh Hot Stamped chips before with the excess gold just kind of flaking off but this chip has globs of solid gold! The chip shows no sign of circulation at all and I am just curious to know if it was an error or maybe the stamp was too hot? The areas that look like they are melted (to the right of the Q, below the diamond, below the Queen and to the right of the Queen) are actually pools of gold but it did not scan very well.
The Bendel Corp. history is here---> http://bendelcorp.com/about_history.htm