Hi Nolan,
Welcome to the club and the hobby!

To really be a limited edition, it must say limited and have the quantity on it. Without that designation the chip can be repeated (which happened with the Hard Rock Barris car set, I think).

A chip can be commemorative, without being limited. Sometimes I think collectors use LE when they really mean commemorative. Just like most of us use the word "chips" even when we mean "checks" or "cheques".