I think Howdy is technically correct based on the way the chip is manufactured.

However, since from the casino and dealer point of view, what they look at is edge spots, I think the current convention of red with 3 green (edge spots, or inserts) is the best for collector's use. When I talk about a chip made this way, I try to mention the color of the center layer of the chips.

Here are two examples, one a Bud Jones made like the one you show. One a Double-broken-circle mold (like the H mold without the H) probably not made by Bud Jones, but with a colored center layer. Note that it doesn't match any other parts of the chip in color.

Paul-son also experimented with center layers of different color. Here's a sample showing a somewhat wiggly center layer.

It would be interesting to see what edge spots would look like on these other oddball center layer chips. I don't think I've seen any.