I think the major difference between the C&J mold and the Paulson made hat & cane mold is in the manufacture. The C&J mold was made by machine cutting the hob. Exactly like the hob for a proof coin is made. This process would make a hat and cane look shiny without polishing. While I don't rule out some polishing, I don't think it's the main difference. Paulson's hat & cane molds all appear to be made with acid etched hobs. This is the way cheap tokens are made. A protective coating is placed on the metal where you want it to remain unchanged and the exposed part is eaten away in an acid bath. I have producted several hobs this way and they show an uneven almost sand blaster effect caused by the acid. That's the effect I see in the hats of all pualson chips.
FYI: a 20 cup mold made for the Burt Co. in 1960 cost $16,000. Make that into 2001 dollars and you can see these molds were top quality.
jim