Straight grades on Chopmarked Trades...

jayPem · January 8, 2013 4:02AM

I see chopmarked trade dollars in both details and straight graded holders...I believe I read here that you need to submit them as error coins to receive a grade ?
If so, do you think that this would be the case with other types of chopped coins ? Such as seated halves for instance ?

MilkmanDan · January 8, 2013 4:17AM

I don't think this is true. My understanding is that US Trade Dollars are treated differently - they are the only coins that PCGS will give a straight grade to with chopmarks. It wouldn't make sense to submit them as errors, they aren't errors. All other coins, both US and world will be given a code 98 if there are chops.

AUandAG · January 8, 2013 4:38AM

I've had chopped TDs graded just fine. Detail grades are for other problems, like
cleaning, edge filing, etc.

bob

coindeuce · January 8, 2013 5:27AM

I wonder: when will PCGS start straight grading "chopmarked" Capped Bust Quarters ?

MilkmanDan · January 8, 2013 5:32AM

I think it's a bit subjective which isn't surprising. For example, I sent this one in, it has a very slight bend to it:

It came back code 98 for surface damage. Tell me what's the difference between a chopmarked coin and a chopmarked coin with surface damage. I would understand if there were other obvious scratches or cleaning, but there isn't in this case. I don't really care, the coin is what it is.

Edit to add, I've seen coins with just as many chopmarks and "damage" as this one that were in VF-XF holders.

crypto79 · January 8, 2013 5:40AM

<< <i>I think it's a bit subjective which isn't surprising. For example, I sent this one in, it has a very slight bend to it:

It came back code 98 for surface damage. Tell me what's the difference between a chopmarked coin and a chopmarked coin with surface damage. I would understand if there were other obvious scratches or cleaning, but there isn't in this case. I don't really care, the coin is what it is.

Edit to add, I've seen coins with just as many chopmarks and "damage" as this one that were in VF-XF holders. >>

That is a lot but as someone who has graded quite a few coins through PCGS all I can say is there is a wider range of perfectly valid opinions when it comes to grading these than normaly grading standards. If grading is based off of wear and the device is missing how does one rate it? That said submit a Chopped coin 5 times and you will get 2-3 different opinions on it, just the way it is.
And I would add that they are not "STRAIGHT" Graded they are details grade with a Chop Mark Added to the grade and a different Cert number that isn't Reg compatible on normal sets. I think they are cool and glad PCGS handles them the way that they do.

TennesseeDave · January 9, 2013 8:20AM

I have submitted several Chopmarked Trade $'s and never used error service. Most of what I sent in did get a straight grade,but I never submitted any that were obviously cleaned or scratched.I've gotten a few AU-58's as well as an MS-62.The last one I sent in got gennied for surface damage,but I think it was because 2 of the chopmarks were punched in at an angle and had lifted the metal above the surface of the coin. I have an 1874-S now that I think would straight grade at 40/45. Here's the last one I bought and I love it.

Rampage · January 9, 2013 8:23AM

They are not errors, so no need to submit under that level. Submit as regular and if they are original coins, they will grade straight. If, however, they have issues, such as cleaning, whizzing, damage other than from chopmarks, rim dings, etc, they will get a details grade.

Rampage · January 9, 2013 8:23AM

The one I submitted graded AU55 and has three or four chopmarks on it.

Myqqy · January 9, 2013 10:45AM

Does anybody have any idea of a guesstimate of what percentage of existing trade dollars are chopmarked?

crypto79 · January 9, 2013 11:09AM

<< <i>Does anybody have any idea of a guesstimate of what percentage of existing trade dollars are chopmarked? >>

I would say around 1/3 to a full half off all of them. Many the coins that were not exported were recalled and melted in the 1880s when they were demonitized. The banks wouldn't accept coins with chops at that time. The coins exsproted were used on and off until the 1950s in some area where it was decided that it was worth it to import them back to the US by a few dealers. Many many of those coins account a large % of the known populations today and many of those coins were chopped by the nature of them being there.

Justlooking · January 9, 2013 4:14PM

If I ever get to buy one of these, I'd definitely want one with the chop marks. Adds that certain something.

CommemDude · January 11, 2013 11:36PM

When I was a young collector in the 1960s you could buy chopmarked trade dollars for a fraction of the price of unmarked coins, as they were considered to be damaged coins.
I guess that opinion has evolved?

crypto79 · January 11, 2013 11:59PM

They are more or less still traded at a discount save for a few truly rare dates like 73p,75p,78cc. While their price escalation has been in line with the rises with the series as a whole their acceptance is a general shift in perception towards the marks being more inline with circulation wear and tear then secondary damage which I agree with.

They were doing what they were intended to do and it adds to the history and visual drama of the coin and if you think about it those two factors are why a lot of us collect in the first place.

nags · January 12, 2013 12:21AM

Am I correct that NGC only has details grading for chopmarked trade dollars? I.E. a "AU details chopmarked" means that there are no other issues identified outside of the chops.

MilkmanDan · January 12, 2013 12:33AM

You are correct that NGC won't straight grade a chopmarked trade. However, I wouldn't assume that an NGC details graded coin doesn't have other problems. I have seen a few that were obviously cleaned and it wasn't noted on the holder.

Straight grades on Chopmarked Trades...

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