The committee that was established to set up these standards prior to being accepted by the elected club officers, debated the use of coin terminology and unanimously agreed that much of coin grading did not apply to chips.... which is why there was so much objection to Coin Grading/Slabbing companies trying to infiltrate our hobby a few years back.

"Mint" also connotated "Mint State", or MS grading on coins. Since there are no reflective surfaces on chips, as exists on coins, it was decided to use the term "New" (as in condition) as opposed to "Mint".

Hope this brief explanation answers some of your questions.