Trade Dollars - Chopmarks - Friend or foe?

One of my local coin shops has trade dollars, a couple of which I've been thinking of buying. One is an 1877 Philly, in solid VF condition, and it doesn't even look cleaned on top of that, and they said it could be sold to me for $271.

On the other hand, for $130, I can buy an 1874-S that has about G-VG details, but is very harshly cleaned and sports a chop mark.

Personally I think chopmarked trade dollars are problem coins, but I would like to hear your thoughts. What do you think about 'em?

 

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Chop marked coins, Trade Dollars in particular, are damaged but a number of collectors believe in the history that chop marks provide. I have both but stick to non chop marked if possible.

 

I agree with you on sticking to unchopped dollars. A trade dollar is one of many coins I haven't owned, but have seen behind a 2x2 and almost bought, which is one of the reasons I'd like to get it. Especially for an uncleaned, unchopped dollar, which may be able to bring near XF money (not much of a jump on common dates).

The problem with chopmarks is that they get cumbersome fast. I've seen some coins with so many chopmarks that the coin is barely recognizable. The fact that PCGS will straight grade these puzzles me that much more.

$130 does sound quite cheap for one, but next time I go up there I will show how good the price is.

Now it's just a debate between the solid VF 1877, or an 1871 Seated dollar for $260 up there.

 

I think of chop marks somewhat like wear. I have liked history since I was in elementary school, and both wear and chop marks show the coin has a history: it was actually used for the purpose for which it was made. You might have a MS-67 chain cent, but it never bought anything. No 18th century merchant ever handled it. The chop marks show the trade dollar actually circulated, as intended, in the Orient. So, I don't mind them. On the other hand, given the choice, give me that MS-67, if you please.

 

I have mixed feelings about it. There's the history and it's kind of official. But on the other hand, "I accepted this coin in commerce" isn't much different than someone scratching their initials on it.

PCGS and NGC both straight-grade the Canadian "JOP" dollars, which is kind of the same thing.

 

Chopmarks are an interesting historical addition, but they are also damage that would result in a lower price. The piece you describe with both a chopmark AND being very harshly cleans has two strikes against it. And to me the harsh cleaning would be a bigger distraction than the chopmark. Plus the coin is low grade. Frankly I would think the coin would be worth no more the 50% of what an undamaged Good would list for.

 

Of course we want the 67! LOL, jokes aside, you have an awesome point about those coins. Sometimes you find a very nice looking old coin, and it may not have any real appeal to it if you collect stuff for the history. But, that's where low-grade coins come in. Some of these people are lowball collectors, ones who dream about finding Poor-1 coins in their sleep.

 

JOP dollars? I'll have to research those. That sounds quite interesting, but I assume it was a counterstamp.

So, if it was you, you'd probably go for the VF, I assume. That's somewhat of what I'm thinking, since that one I'm being offered looks uncleaned as well.

It's a hard decision, but I'll likely go for the VF coin.

 

Yes, it is a counterstamp by jeweler Joseph Olivia Patenaude who was also a big silver and silver dollar coin enthusiast in Nelson, BC. He bought 1000 of the new silver dollar in 1935 and stamped them with his initials. He continued to do so sporadically through 1949. They are very popular with Canadian collectors and command an impressive premium, hence the reason TPGs straight-grade them.
https://www.coinsandcanada.com/coins-publications-canadian-silver-dollars.php?dollar=jop-dollars
https://www.coinsandcanada.com/coins-prices.php?canadian_coins=1-dollar-1935-1936

 

I don’t care for chop marks on high grade Trade Dollars. I’ve seen slabbed, Mint State graded pieces that had small chop marks hidden in the design. The chop mark was not obvious, but it was still a pass me.

I would rather have two Trade Dollars, one with chop marks at cheap money and one without them.

The chop marked Trade Dollar I have is loaded with them. It also had solder on the edge where it probably had a hook on it one time. Fortunately it has not been polished. It came from a Boston bid wall when it failed to sell. As he was taking in down, the owner asked me if I would pay $20 for it. That was “a no brainer.” I am into cheap pieces of history.

My other two pieces are an MS-63 and a Proof-64.

 

1877 VF20 (PCGS). No chop marks as far as I can tell.

 

At some point I would like to pick up a chopped Trade Dollar for the historical aspects. But I avoid details coins.

 

After some web searching, I discovered that NGC only assigns Details grades to any Trade Dollars with chop marks. I honestly cannot figure out why anyone would send their coin to NGC when a Details grades is all they could hope for.

This is broken out from an NGC Details holder. I would hope for an MS64 from another grading service, but I wonder what it would be if it was “restored” a little bit, and not so gray.

 

You got an original skin trade. I love the color. Pcgs would straight grade though chopped as a addendum. I think au 58 the right grade

 

I love trade dollars. They're my focus. To anyone who doesn't know me. I don't collect chopped ones as I'm an eye appeal collector. But I don't hate them either. I'd buy one for the right $ but it wouldn't be in my core collection this what I like

 

That is some nice toning on the 1880! Those CCs are really nice as well.

 

Can't find images of my best ones. My 77 proof. 75 cc and 74 proof 64 cam cac are great.

 

I certainly love high grade coins, but there's just something about a coin that looks like it's actually been used. I don't really mind chopmarks really.

 

I had to have one in my collection. When I bought it, PCGS would not slab it. I think they would today but I won't be doing that.

 

Essentially I think it's the case that the TPGs will call the chopmark "damage" but just note the damage on the slab and still give it a grade. The trade dollar I own was graded by NGC as "AU 58- chopmarked." (I broke it out of its slab and put it in my Dansco 7070.) PCGS will indeed grade these now. I think they were the last hold out but as other TPGs gave in and slabbed damaged coins with net grades, eventually they gave in.