Chopmarked PCGS Submissions – US and World

ChopmarkedTrades

There are a few nuances to submitting chopmarked coins to TPGs today. PCGS has assigned straight grades to chopmarked US Trade Dollars for years under distinct PCGS numbers (assuming no additional condition issues); however, other US issues are treated with much less deference, as all are given the base ‘Damage’ byline with no reference to the purpose or nature of the marks. In contrast, world coins are perfectly eligible for the ‘Chop Mark’ description, albeit with a Details designation. The submission process at NGC is much more straightforward – regardless of host type, virtually all chopmarked types will be described as such with a Details grade. Curious to see if TPGs will begin passing judgement on the authenticity of the chops themselves in addition to host types as forgeries of that style start to become more prominent.

Some neat variety to these submissions, though many of the TrueViews don’t do the coins any favors; pieces with luster for some reason are often displayed with far more dull surfaces than they appear in hand. I’ve attached images of the coins raw alongside the TrueViews for comparison.

1766-Mo MF Mexico 8 Reales

One of the most popular world crowns to 18th-century merchants and modern collectors alike, the Pillar 8 Reales is a must-have for the collector interested in pursuing a representative type set of world silver pieces used in China. Relatively available in consideration of the total number known, well-preserved examples are scarce and tend to bear the name of Carlos III, as is this piece. This particular coin was plated in the sale of the Bohol Collection, a well-populated collection of Philippine pieces with a surprisingly robust offering of chopmarked coins that was sold by Aureo in 2017. Though approaching UNC Detail on the reverse, none of the luster came through with the imaging produced during grading.

1774СПБ ФΛ Russia Rouble

This type is considered the most common rouble of the 18th century, and was issued under Catherine the Great from 1766-1776, but as a chopmarked piece it is very difficult to locate, as is all Russian silver. The lower silver purity and limited documented use of silver as a means of exchange between China and Russia certainly play a role in the scarcity of such coins; in Chopmarked Coins: A History, Gullberg offers a potential outlet by which such silver may have been traded - Shansi merchants went to the Bohea districts (now Wuyishanshi in Fujian Province) to represent Russian firms in the purchase of tea to be transported to Russia. Notably, this example had a provenance dating back nearly 30 years to one of the earliest editions of the Chopmark News, when it was cited in the collection of its most recent seller; given the lack of pick-up points present on chops in comparison to countermarks, provenance is a relatively important component on particularly rare types such as this.

(c. 1814) Madura Island Real Batu, Flower C/M on 1722-Mo 8 Reales

5-petal flower countermark (1 real batu, 1814) for Madura Island (Sultanate of Sumenep), Indonesia, one of several Sumenep/Madura counterstamps that can be found on various circulating coinage of the period, including the 'Madura Star' and 'Sumenep' (relief, in Malay script) counterstamps, which all seem to date from AH (Hijra) 1230 (~1814) – 1820. F.M. Rose, author of Chopmarks, had two chopmarked examples of this counterstamp in his own collection, and speculated that the potential rationale for the counterstamps was a shortage of coins in the Sultanate of Sumenep as a result of the Napoleonic Wars. Tough to locate on a host with an identifiable date, though the flat bases of the last two digits clearly reference a date of 1722.

1814/3-Mo JJ Mexico 8 Reales

The last monarch to donate his likeness to the Portrait 8 Reales series (before the pesky Latin American colonies decided they’d be better off on their own), the types of Ferdinand VII are a bit scarcer with chops than those of his immediate predecessor and offer a far greater range of varieties among bust styles and issuing authorities around the time of the Mexican War of Independence as mints changed hands between rebels and Royalists. This coin has an incredibly soft strike but great surfaces, with nice toning and subdued luster in hand that unfortunately didn’t come through well at all in the TrueView.

1822-M SR Spain 20 Reales

Though minted on behalf of the same ruler as the previous piece, this 20 Reales of Ferdinand VII was minted thousands of miles away from its earlier counterpart and under a different monetary system, the "de vellon" coinage system, which set one peso equal to 20 reales instead of the traditional eight. Most issues from mainland Europe are seldom encountered with chopmarks, as they were for the most part not necessarily intended for foreign circulation. This particular coin was noted as having been obtained by a previous owner when many hard assets flowed out of former Soviet nations following the collapse of the USSR, when considerable coinage was brought from China to Hong Kong to exchange for cash.

1837-L M North Peru 8 Reales

Of a type struck from 1836-39 for the short-lived state of North Peru, which lasted for the entirety of the country's existence; virtually the only differentiating factor from the prior Standing Liberty Peruvian 8R is the reverse legend, now EST NOR-PERUANO. By comparison, the issues of South Peru were much more distinctive and original. Though seldom addressed in the history of South American growth, the various independence movements of the early 19th century actually had substantial economic impacts on China, who saw major disruptions in the steady supply of uniform silver coinage that the Spanish colonies had been providing so consistently.

1860-S United States 50 Cents

Prior to the introduction of the Trade Dollar, it was the Seated Liberty Half that pulled most of the weight among American silver types in international commerce; in conducting business with the Chinese, most American merchants would be forced to pay a premium to obtain freshly struck Mexican Cap & Rays 8 Reales from the source given their preferred status abroad. This particular example clearly passed through many hands, picking up a couple of chopmarks alongside a contemporary counterstamp of unknown significance that is likely US in origin. Though difficult to track precisely, it’s a neat piece.

1864-S United States 50 Cents

Though the same type as the prior coin, this piece brings a superior level of preservation and adds in a Civil War date for added cool factor.

1883-S United States Morgan Dollar

Always popular at home, the Morgan Dollar was never a major influence in China, nor was it ever intended to be. However, any good silver was acceptable to some degree in the eyes of Chinese merchants, and several examples are known with chopmarks (though several likely forgeries as well). This piece shows a choice range of chops and an application style that matches other genuine examples, and is one of the top examples of its kind that I’ve seen. In my experience, the Morgan is the last US silver dollar that can be reliably found with genuine chopmarks, as Peace Dollars arrived too late to make any difference in the dwindling Chinese silver trade.

1895 Japan Yen, Gin Left

With its high mintages and consistent quality, the Japanese Yen carved out a position of considerable importance in the channels of commerce throughout Southeast Asia. As a result of a global shift, Japan switched to the gold standard in 1897 and would see that many of their previously minted Yen received a 'Gin' counterstamp to indicate that the coin was to trade at its bullion value only, nominally for circulation in Japanese territories, such as Taiwan. These counterstamps were applied on either the left or right side of the reverse, and these configurations are often treated as separate issues. Some consider the side of the coin to which the mark is applied to be indicative of the mint at which the counterstamp was placed (Tokyo or Osaka), though this is disputed. This piece came from the collection of longtime New York dealer Bill Selfridge, an early member of the Chopmark Collectors Club that had built up a substantial collection.

1896-Mo AM Mexico 8 Reales

Though the large red character applied to this coin is commonly referred to as a ‘wedding chop’, it did not serve a commercial purpose; literally translated to ‘double happiness’, this mark is a very commonly used symbol associated with weddings, and the mark here corresponds to this coin’s role as a wedding gift to a new couple and was likely kept as a keepsake (today, envelopes with cash are often given in a similar manner). The coin also features several conventional chops indicating that it was likely plucked from general circulation prior to being selected as a gift. Notably, this piece was featured as a plate coin in Rose’s Chopmarks, the first English-language reference on the subject.

1902 Japan Yen

A semi-key date in the Japanese Yen series, this piece is in choice condition, displaying considerable luster and some beautiful toning. As the piece was minted post-1897, it was not eligible to receive a Gin countermark.

1902-Cn JQ Mexico Peso

The last Mexican crown type to leave a substantial footprint in China, the Cap & Rays Peso carried over many of the design elements that would be familiar to merchants in the late Qing Dynasty as a result of the power of the coin’s long-running predecessor, the Cap & Rays 8 Reales, but with the reintroduction of a denomination that had been used by the ill-fated Emperor Maximilian. Many examples of this issue had prooflike surfaces, and this example retains some of that flash despite its international circulation.

1910 Mexico Caballito Peso

The first post-Revolution Mexican crown, the Caballito Peso saw extremely limited circulation in China as a result of shifting political and social landscapes in Mexico and China alike. Twice stamped on the reverse with the character 恒, (heng; ordinary, durable, a surname. The thirty-second of the sixty-four hexagrams of the Book of the Changes, which means perennial nature), this example is a rare footnote to several centuries of successful trade between the two nations.

stealer

Love the writeup and all the coins! Don't have time to read through now, but will be coming back later to read through thoroughly.

Really cool chops on the 1860S 50C -- the one on the obverse right appears to be a Korean (or Korean-like) character which I have not seen before.

DDR

Great post! I, too, will go back to reread and digest more thoroughly.

Love the 1860-S. I have seen a similar chopmark on Trade Dollars, but they are not at all common.

I suppose the sequence was that the coin went to Asia first, was chopmarked, returned to the United States and circulated here, picking up the counterstamp. Which would seem to indicate that at least some chopmarked coins came back to the United States and circulated here. Alternatively, perhaps a U.S. sailor or merchant picked it up in Asia and brought it back with him and got it counterstamped in the U.S. at some point. Least likely, I think, was that it was counterstamped in the United States before heading to Asia. Shroffs/bankers/traders there were picky and and such a coin risked rejection in commerce. All conjecture on my part...

MilkmanDan

Boy, those trueviews are not the high quality photos we used to get!

@PCGSPhoto

What’s happened to the quality of the photos recently? They’ve gone from being one of the best features at PCGS to now being a negative when it comes time to sell. Any buyer will think the coins are ugly when often they aren’t.

jt88

Very good. Lots of history

coinkat

The so-called Gin marks on the Yen look good... not sure of the premium associated with the mark

LanceNewmanOCC

wonderful post and coins!

absolutely love the 2 comparative images.

pretty nice set of coins, even w/o the chops.

i kinda feel bad for the photographer(s) at pcgs over the years. virtually impossible to capture a coin that shows all its' positive attributes that pleases everyone.

this side-by-side is really just about the best one can hope for until the video aspect is near-perfected and accepted.

TradesWithChops

@OriginalDan said:
Boy, those trueviews are not the high quality photos we used to get!

@PCGSPhoto

What’s happened to the quality of the photos recently? They’ve gone from being one of the best features at PCGS to now being a negative when it comes time to sell. Any buyer will think the coins are ugly when often they aren’t.

I was thinking the exact same thing. Those trueviews are pathetic. I would go so far to say that PCGS should be ashamed of them as they appear completely amateur.

kaz

great coins and writeup, almost a magazine article.

PCGSPhoto

I’ll forward your comments to the photographer.
Thanks
Phil

ricko

That is a great post and very informative. I will bookmark this one. I have always been interested in chop marks. I have Rose's publication, and one chop marked Trade Dollar, slabbed by our hosts. Cheers, RickO

jayPem

Fantastic!
So glad there are (on rare occasions) still some amazing coins being posted on the forum!
The crazy thing is, this is merely a teaser...
Dans collection is mind blowing 🤯

TwoKopeiki

Nice diversity in that group. Love 'em.

Crypto

Love the post and the coins. Great stuff

Question have you come across an explanation for the difference between Gin right and Left in your studies? Significant enough to continuously note but I see no pattern to distribution.

Crypto

I find preserved ink chops to be a fascinating sidebar to the chop niche

mbogoman

Wow! Simply wow! Thanks for a very informative post.

ChopmarkedTrades

@Crypto said:
Love the post and the coins. Great stuff

Question have you come across an explanation for the difference between Gin right and Left in your studies? Significant enough to continuously note but I see no pattern to distribution.

Nothing concrete. The longstanding assumption among US collectors has been that the Gin countermark placement corresponds to the mint at which the mark was applied, either Tokyo or Osaka. However, I haven't seen any period source supporting that, and it seems that there is less agreement among Japanese collectors as to whether or not the Tokyo/Osaka explanation holds water. Either way, they're currently treated as different issues.