Looks like you can still send one chip for 58c, Pam... under an ounce 1st class plus 17c non-machinable surcharge. Must be 1/4" thick or less, including the chip. There might be a question as to whether a "bubble pack" envelope is a paper envelope. It is normally smaller than a "flat", though.

Here are some pertinent paragraphs from the current postal regulations:

601.11.18 Odd-Shaped Items in Paper Envelopes
Pens, pencils, key rings, bottle caps, and other similar odd-shaped items are not permitted in letter-size or flat-size paper envelopes unless they are wrapped within the other contents of the envelope to streamline the shape of the mailpiece and prevent damage during postal processing. If an odd-shaped item is not properly wrapped, it could burst through the envelope and cause injury to employees and damage to USPS processing equipment. Odd-shaped items that are properly wrapped within paper envelopes and sent at the First-Class Mail or Standard Mail nonautomation rates may be subject to the nonmachinable surcharge under 133.1.10, 233.4.3, 333.4.3, and 433.3.4 or 243.5.6, as applicable. Certain types of odd-shaped items, when properly wrapped, are permitted as automation rate letter-size mail subject to the standards in 201.3.0. Flat-size automation rate mail is subject to the uniform thickness requirement in 301.3.0.

301.3.9 Rigid and Odd-Shaped Items
Rigid items (e.g., pens, pencils, keys, bottle caps) are prohibited within mailpieces. Reasonably flexible items (e.g., credit cards) are permitted. Subject to 3.11, Flexibility Standards for Automation Letters, odd-shaped items (e.g., coins and tokens) are permitted if firmly affixed to and wrapped within the contents of the mailpiece and envelope to streamline the shape of the mailpiece for automated processing.

This could mean "put your chip in a plastic flip to streamline it and tape the plastic to the envelope or insert".