Baltimore: Lowest Net Graded Chopmarked 1878-CC Trade Dollar (VF-35; PCGS Pop: 5) sells for $6462.50

TLeverage

I trudged through the rain to the Baltimore Spring sale today both to view the bourse and to witness the first public sale in about fifteen years of an example of this very difficult to locate key to the chopmarked T$ series (the 75-P is arguably rarer w/ chops, especially if one considers that 1875 Philadelphia issues have two hub combinations). I arrived at the public opening to spend some time going through the surprisingly comprehensive offerings at the Stack's sale, and took a photo of the 78-CC in hand. Certainly not a stunner to look at, being a solid F-VF, but quite the rare treat to see. Given the length of the absence this variety has seen from a podium, I and some members of the Liberty Seated Collector's Club were very interested in how it would perform; however, the auction room was quite empty, only four bidders, and just two of us that actually bid on any of the 44 chopmarked Trade Dollars included in Session Six. Strong prices were observed for Carson City issues, even for those that were more common as condition coins: an 1875-CC in MS-62 sold for nearly 50% more than an 1873-S in the same grade, despite the slightly greater pop numbers for the CC. The live bidding opened to a rather surprising $5000, and received only a single Internet bid, to $5500, and no floor bids before closing, resulting in a final price with juice of $6462.50. A very impressive result, especially considering its position as the 'lowball' of the PCGS pop records, which makes one wonder: what price would the lone Mint State chopped 78-CC, an MS62, bring if it were to be auctioned today? It would almost certainly surpass the high water mark set last year by the sale of the finest known chopped 1876-CC Trade Dollar, an MS63 that brought just under $10,000, though an additional, ungraded MS example of the 78-CC has long been rumored, and the total population of all coins is thought to be somewhere between eight and twelve..

I was not the winner of this lot, but was fortunate to pick up another date as a condition rarity in the series, and to cherrypick a neat chopmarked variety off of the bourse floor: a raw, chopped 1876-S Type 1/1 Medium S, for which I evenly swapped an NGC 1941-D MS66 Walker that I had left over from an old type set.

kaz

Looks like there are some serious chopped TD collectors out there. Thanks for your report and images.

tradedollarnut

Dayum! Wonder what my AU58 is worth...

TLeverage

Well, whenever that MS62 emerges and you inevitably buy it, feel free to throw this absolutely horrendous, in no way valuable monster my way.

sparky64

Excellent write up. Enjoyed reading it.
Why is it considered "net" graded and not straight graded?

TLeverage

@sparky64 said:
Why is it considered "net" graded and not straight graded?

That is just the vernacular that I tend to use to differentiate chopmarked Trade Dollars that are given numerical grades with the 'Chop Mark' designation by PCGS from both those that PCGS has determined to be 'problem' coins (i.e., cleaning, damage; PCGS calls some that are extensively chopmarked to be damaged), as well as Trade Dollars graded by other TPGs, none of which provide straight numerical grades, only Details.

TPRC

How did chop marked trade dollars do in general? The common 74-CCs looked like they went for modest prices. I submitted my 1874-CC chop marked trade dollar at Baltimore and it graded MS-64. I'll be picking it up tomorrow, but I believe this puts it up there grade-wise. Did the current auction, and prices impact the chopmark market at all?

TLeverage

Prices were somewhat modest on many of the San Francisco issues, but remained steady or exaggerated on the majority of Carson City pieces, with Philadelphia falling between the two camps. High grade or rare Carson city trades seemed to maintain their popularity; it will be interesting to see how the market shifts in the sales following that of the 1878-CC. However, this particular sale, despite having a lot of volume, did not feature many truly top grade coins (there were no examples above a 62). and in fact contained a large number of impaired examples. I'd say this represents a slight downward shift in the market, but it should be remembered that all bidders on the chopmarked lots had knowledge of the 78-CC, which was at the end of the pieces to be auctioned. Perhaps some felt the need to be more conservative with their bids on the previous lots in order to hold out hope they might be able to purchase the 78-CC.

Regarding your coin, 64 is the highest grade that has ever been assigned to any chopmarked Trade by PCGS, and as such it carries both of the traits the chopmark market never seems to lose love for: high grade and that magical mint mark. I am not sure this most recent sale would be of much help in indicating market shift in your case simply because your coin is a full two points higher than any other coin in the sale, and the markets associated with the top quality coins are very distinct from the lower MS and more circulated examples.

ricko

I have an 1874CC, PCGS XF45 with one mild chop on the obverse and two mild chops on the reverse... that Russ told me (years ago) would easily upgrade to 50 ... one of the very few (like two) tarnished coins I own.... I have had this coin since about 1997....Cheers, RickO

DDR

Nice write-up, Taylor, thanks. I viewed all the lots and bid on the 78-CC, but did not expect to win it with my bid. And I didn't. That said, $6462.50 was actually on the low end of the range I thought it would go for.

TPRC

Here are a couple of pics of my new 74-CC, which I had graded at Baltimore. Caution, large pics.

TomB

Great writeup on the auction and very good thread. TPRC, does your MS64 piece have three chops (two on the obverse and one on the reverse) or two chops (one on each obverse and reverse)? I ask because I cannot tell if the obverse chop is one mark or two going together.

TPRC

Tom, under both a 7x glass and a 45x scope, it looks like one, contiguous chop. However, I don't know what it means, or why a single chop would be so big.

TomB

It does seem like an awfully long chop, but perhaps the fact that it is sitting alone without other chops near it makes it appear larger than otherwise.

TPRC

Maybe this is better....

tradedollarnut

Fwiw, here's another MS64 Chop 1874-CC

TPRC

TDN, Yours looks nicer than mine, at least from the photos. When I purchased it ungraded, I graded the obverse a 3- and the reverse a toned 4+. From the pics, your obverse looks like a solid 4 and your reverse looks like a 4+ or 5. Beautiful piece.

tradedollarnut

Yes, you assessed it very well!

mbogoman

Thanks for the writeup. I'll bet a lot of people were following that one. I know I was!

ricko

@TPRC...That is a very nice TD... I do believe the obverse chop may be one....would be unusual to have two so close on an otherwise clean surface..... I also agree, it is a strange one... I will check Rose's book to see if it is listed....Cheers, RickO

DDR

And here is the third 74-CC PCGS has graded MS-64. The coin is nicer in hand, but to be honest I probably still prefer TDN's.

DDR

TPRC

I have to agree. My pics are larger and less forgiving, but from the pics, I would put mine at #3, behind TDN's and DDR's

tradedollarnut

As an aside, I have what I believe will be the first ms65 chopmark graded coin. It's an 1876-S in a 64 holder but it's a definite gem as it's even better than my 74-CC. Will be interesting to see if Pcgs agrees with me.

TLeverage

@tradedollarnut said:
As an aside, I have what I believe will be the first ms65 chopmark graded coin. It's an 1876-S in a 64 holder but it's a definite gem as it's even better than my 74-CC. Will be interesting to see if Pcgs agrees with me.

Interesting. What is the hub combination?

DDR

Good luck, Bruce. Would love to see a MS-65 chopmarked Trade Dollar.

Last I checked, there were about 18 in MS-64. All were S mints, except the three Carson City MS-64s we have listed here.

TLeverage

And before I forget, here is the NEWP that I picked up from this Stack's sale. 73-S in 62.

tradedollarnut

Congrats- that's a nice one

sparky64

Well done @TLeverage .
I agree, that is a nice one.