I don't agree with the loose use of the term by a few in the hobby (like the chips Borland made) but here is a real counterfeit. Someone used paint and ink to turn a $5 Sahara Las Vegas chip into a white $500. It has been fiddled with a bit and doesn't look as good as it probably did 20 years ago. You can see the red chip where the white has been scraped away, and you can see how the $5 was blanked out and replaced with $500, apparently with a pen or brush. The painted-on edge spots are the correct color.

I don't know how many of these were made, but probably more than one. Does it deserve TCR listing? I sure didn't pay the genuine "X" price for this one [g].