W and C
Looks like the Black was there when the chip was pressed, It looks like a Die-cut chip to me...
The black has a texture like a linen inlay, when photographed with reflective light from the side you can see it.
Another weird thing is that the two tips of the W are missing the black and filled are with clay from the body
when it was pressed. Also, you can clearly see some of the rough divisions in some parts looks like the two colored inlays
merging in a scrappy way...

It is a weird one...