You won't like the result. It works with a dollar coin because it's thinner. A chip is about 3 mm thick and the cardboard won't really close around it, especially if it's a new chip. You certainly won't be able to see the edges of the chip.

If it's for storage, use what you can find, but for display, 2.5 x 2.5 inch cardboard with the larger opening is the way to go.