Photoshop has a circle select tool; they call it Marquee. Same tool can be either rectangle or elipse, changed by clicking on its icon while you hold down the ALT key. If you have elipse mode selected, you can select the "constrained aspect ratio" option under Marquee Optons and set it to 1. Then any elipse you draw will be a perfect circle. Use the circle to select just the chip, go to the Select menu and do an Inverse, then do an Edit Cut and you will delete everything but the chip.

To put both sides of a chip in a single image, scan front and back individually. Go to the front and using the Image, Canvas Size option, make the width double size. Then you can drag the reverse of the chip onto the blank half of the canvas to get a single pic with front and back, side by size, but on different layers. Use the Layer, Flatten Image function to make both layers into a single layer before you save the pic as a JPG file.

These instructions are for my v 5.0 Limited Edition, but I believe they will work for any later version as well.