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Horseshoe $100 chip

I'm posting this to help out with an email I received, questions follow:
What is made of??? The Binions loved silver. This was his $100 token, why are other tokens of lesser domination are pure .999 silver and most have a .6 oz core in them. So, if it is not .999 silver, what is it? Why would it be made from cheaper metals, then coat it with 24k gold?

Here's a link to the token:
https://www.silverstrikers.com/Web/Catalogs/Tokens/Nevada/HorseshoeLVnv/Horseshoe-LVnv-Token-Page-01.php/#tHSlvnv-004

Thank you,
Jim


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