TCR #10 has this as a "C" value chip Michael, $5-$9, a very common chip as reflected in the R-2 "rarity" rating in Campiglia/Wells. As for condition, it wouldn't be at all unusual to find this chip fresh out of the box. Ordered in '70, closed in '77, probably some excess stock sitting around. The discoloration around the insert is just the glue TR King used to stick the insert on with.

The bronc rider is a trademark of the owner of the Overland at the time, Pick Hobson. The bronc rider shows up on several other Hobson property chips, the Cosmo Club and the Frontier club that I can think of at the moment. Hobson had about 10 different clubs during his career.