They haven't made a chip in 60 years. I am in favor of using the Burt Co. description of Crest & Seal as an inlaid lithograph stamped into the clay chip and sealed with a yucky coat of goop.
By calling the PJN/NJP type a Die-cut (or Reverse Die-cut), we differentiate between die-cuts & C&S's. Steve Passalacque calls the round paper inlays, with the design cut out like a stencil, which has a rim & cutout of the base chip color, a die-cut. He calls the type like the PJN/NJP, a reverse die-cut. Makes sense and is easy to distinguish.