Mark ... I believe the term "drilled" or "cancelled" or "overstamped" or "notched" does not require another grade ... but as you have pointed out, can be applied to any of the five grades already outlned, as a qualifier.

Uncirculated chips already do exist with holes (such as those on key chains) but the grade would deteriorate downward after long use on a key chain to the point some day it would be considered a cancelled or drilled "junk" chip.