It looks like someone put a $5 Dunes token inside the mold of the H&C moding process and then chipped away the edges so you could peek inside. However, I've never seen that $5 token before, and of course the $5 token would be bigger than a standard H&C 39mm chip. They must have turned down the token first. Looks like someone at Paul-son was just playing around and created a chip with a token inside, the first chokinside .

RWM did make some higher denomination tokens with concentric circles as shown on this Dunes. I don't think it was till the 90's though and Dunes would have been closed.

Maybe Dan Wickett will be able to add something.