Pat - Yes, you make sense, but no, you're not understanding the scans.

Let's take this simple example. Here are the fronts and backs of the same chip:

Now just look at the image on the right, the one with the $1.00 stamp. The insert colors going around the chip clockwise are purple-orange. Let's call this variety #1. I speculate that there is a variety #2 that would have orange-purple inserts going around the chip clockwise. This would give you 2 varieties of the same chip -- both having their colored inserts in different orders. Got it?