Here is the seller's response.

"Travis, I cannot guarantee that it was ever used, but it is not uncirculated.
It has a small edge nick on one side and shows some slight wear overall. It
did not come from a TR King source. It came in loose with 7 other chips to a
coin and bullion shop in Sparks. The other chips were all Reno club chips of
the same vintage. It came in with a large lot of silver and gold items from
and estate. Shop owner was told the chips were found in a dresser drawer.
Everything else about the estate was legitimate. We put it in the screw down
holder to protect it. We found the holder for a "4 Ducat" gold coin is a
perfect fit for chips. I can say with absolute certainly that the claim that
The Nevada Gaming Control Board has authenticated it is false. No records
exist or were kept during the period this chip would have been made. Please
circulate this to those interested parties you feel appropriate or have them
email me. Thanks, Daithi"