First off, a description of Caro from a feller way over there in O La La France, Serge Nakkachian:

" Caro is an old, famous gambling supply company that traces its origins to 1789!......... The company was called Gueret & Vallois in the 19th century. It became Briotet in 1903. Always located in Paris, they were the premier European sellers and manufacturers of gambling and billiard furniture and equipment, mother or pearl chips and early plastic gaming chips. After World War I the Briotet's adopted a war orphan named Caro. Eventually he ran the company, and about 1925 changed its name to Caro. About 1990 an American group took over Caro and moved it to St. Ouen, a Paris suburb. Today (2002) it deals only in billiards and no longer uses the Caro name."

Since Caro had been selling this stuff for so long, they had quite a supply of samples and exchange pieces from other manufacturers and distributors that they called the "Caro Collection". Got these samples from Serge in 2002 and my recollection is that they were starting to dispose of various and sundry chips from the cache. These were made for Caro by the Burt Co. @1987-88 shortly before Burt became Chipco. These chips have the same material characteristics as Chipco cheques and the one in the middle is indeed gray. NOT for sale or trade.