I wish I knew how to do it. I've asked, and was basically told that I wouldn't be able to do it -- and I believe him.
Apparently, it's a HUGE HUGE pain in the butt, with many many steps, including cleaning the chips and sorting them into as similar condition as possible (I had over 2000 of the Nevada Lodge $1 chips to sort through to make similar condition racks). Then sort sort of next step with some machine, I don't know. Then a lot of polishing, and I don't even know what. All I know is that it was pain-staking work, hours and hours and hours and hours per rack, and there is no way this person would do any more of them for me. It cost me a lot of money to have them done, and it was worth every penny. I love them so much. In fact, my chip angel has so much PTSD from the project, that he hasn't even reconditioned the Nevada Lodge $1s for his own set!! He can't bring himself to do it.
Now, somebody figure out how to do it, because I'd love a couple racks of "reconditioned Outpost $1s!!.