Quick answer, no I've never seen it.
If the chip is a $1 small-key, made in the 50's, then it is of the era of that $2.50 red small-key that has an inlay...but the no-image chip is supposed to be a $1 navy hot-stamp.
The only long-shot possibility I can see is that there were several $1 non-negotiable hot stamps made on the small-key mold. One of which is listed as beige (see link to ChipGuide below). Could that chip have been blue (navy???) and seriously faded over the years?
Either they disappeared somehow, or it's possibly a "phantom" chip? Good luck with your quest.
(I looked at Campiglia's book, but no helpful info there.)
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