OK, but there are actual chips that serve those purposes. Kind of like using a $25 chip as a quarter because you don't have any 25c chips. They work, but less than ideally, and not something most people would pay a large amount of money for.
At my regular game, it's BYOB. Our host has a nice liquor cabinet with some top shelf booze, and some of us will throw him $5 for a pour. During some games he will get out a free drink chip like this and toss it into the pot, so winner of the hand literally gets a "free drink."