Hello CT'ers, Years ago I purchased a collection of Spanish Cob and various Reale coins. One has always intrigued me. It is a 1790 8 Reales with at least 80 chop marks on the obverse and reverse. This coin has seen some miles, and it just drips history when you look at it. My question is do you think the chop marks add or detract from the coin's value? Also, do any of you know where I could begin to possibly ID some of the marks? Some are very distinctive and actually quite nice. And before you ask, for the whole lot of Cobs and 1/2 to 8 Reales it averaged to less than $10.00 per coin, not a bad deal! Thanks. Joe
I can say from experience that the market winds are blowing favorably for coins w/ chops now. Three years ago, that wasn't the case. A problem free example (Other than the chops) of an 8 reales can get as much as $60 now, whereas they were melt a few years ago. Also, 4 reales and below don't seem to move as well as the crowns.
Thanks for the input. It's good to know the trade winds are in my favor :smile. Like I said, I got these coins basically for melt. The 1600 era cobs are too cool to sell and I always liked this 8 Reale because of the chops. I have to add Carolus IIII has one huge nose! They should have done a 1 Reale just for his honker! Joe
To fnd out more about chop marked coins try the links you find here - http://www.cointalk.com/t16428/ Personally, I never cared for them. I always considered chop marks as damage to the original coin. But to each his own.
Basically, chop marks lower a coin's market value, but I will say there are an avid group of collectors who like collecting chop marks. So there's a market there. Ironically, a coin fully chop-marked so much that you can hardly identify the original design is a gem collector's item.
My friend has a coin similar, but with FAKE chops. Just like in ancient Greece, as soon as bankers started chopping to prove authenticity, fakers started imitating chops to make it appear others have already tested it. The only reason he suspected it was it was underweight. We think its debased silver, but the chops added in the die to make it look like its good silver.
Thank you all for the input. This is the only chop marked coin I own so it will stay in my collection just for the cool factor. Joe
