The "counterfeit" moniker is used pretty loosely sometimes. To me it means a chip produced to cheat the casino. If it is produced after the casino is closed, or when the chip reproduced is no longer playable or redeemable, it is a copy, but not a counterfeit.

Chips that resemble chips from closed casinos and made to be sold to collectors are not counterfeits, "regardless of what anyone else tells you" [g].