I collect strictly fractional chips from the state of Nevada. I have limited the "madness" to collecting only 25¢ & 50¢ chips.

I do not consider $2.00, $3.00, $2.50, or $4.00 chips to be fractionals (maybe $2.50 chips). It is my understanding that a fractional chip is called that because it is a fraction of a dollar. I maybe wrong and if so, please correct me.

All of that said, I would say you should collect what you like and don't worry about being roped in by any definitions.

Cheers!
Bill