CHOPMARKS.
Oriental chopmarks are counterstamps of Chinese businessmen,
Chinese banks or Bullion Houses. Once a coin was chopped, the coin became
a Chinese coin accepted as "coin of the realm". Merchants
and bankers chopped each coin they handled which became a type of endorsement
guaranteeing its genuineness-not unlike an endorsement on the back of a check
that we accept today. If the check is returned for whatever reason the
individuals who endorsed the check can be held responsible for payment.
Most collectors have a coin or two with chopmarks and
many refuse to buy coins that have been "mutilated" by
chops. Years ago, some collectors paid a premium for chopmarked coins,
considering them to be especially historical and valuable. Today, the
general population of collectors does not understand chopmarks or their
historical significance.
Chopmarked specimens exist of all business strike dates and mintmarks 1873-1878.
Mex Dollars:
The majority of coins used in the China
trade came from Latin America . By
decree, China would only
accept silver coinage in payment for Chinese exports and Mexico was by far the biggest exporter of coins
for the China
trade. These were known as "Mex Dollars" (Mexican Pillar andBust 8 Reales) and later as "Eagle Dollars” (the Cap & Rays). The
coins were boxed at the various mints in cases of $1,000 Reales each
weighing about 60 pounds for shipment to China . It was not uncommon
for a ship to carry $1,000,000 in Eagle Dollars for trade in China .
This explains the large number of 8 Reales seen today with chops and the
scarcity of some issues because the entire output for a particular year went to
the Orient!
The Mex Dollars were approved for use by the Chinese in 1857 and
shipments began in 1858. Chop marked Cap & Ray 8 Reales dated before
1858 are scarce to rare. A nice Date collection of Cap & Ray 8 Reales
from 1859 through 1897 is is relatively easy to put together. There
was a period between 1869 and 1873 when Mexico minted a new coin known as
the Balance Scale Peso or "Balanza." Even though some Chinese
accepted this new design it was not liked and in 1872 the Chinese
convinced Mexico
to once again mint the Cap & Ray Mex Dollar. Chop marked Balanzas are
considered Very Scarce to Rare and command premiums.
Large Chops Common, usually consisting of Chinese characters, pseudo characters or abstract symbols. |
Small Chops Common, can consist of abstract symbols such as circles, stars, and crescents etc.or Chinese characters. Most commonly found on Mexican Cap and Rays 8 Reales. |
Test Marks The most common usually made with a punch. Its purpose was to test the coin to see if it was silver- plated base metal or hollowed out. |
Edge Cuts Common, aimed at determining if the coin was a plated fake. |
Chops in Relief Small relief chops are scarce while large relief chops are rare. |
Assay Chops A rare special relief chop made by a banker, usually retangular containing two or more characters |
Letter Chops Scarce, consisting of the Latin alphabet. The most common letter used was the letter 'S'. |
Number Chops Moderately scarce, consisting of large chops, number 8 being the most common followed by5. |
Banker's Ink Chops These come in red, blue, purple and black ink, and can be difficult to find high grade. |
Paper Chops The usual paper chop is called the "happy wedding". |
Chopmarks with NO SAMPLE PICTURES:
Manchu Chops- Extremely rare, consisting of Manchu script.
Presentation Chops- Elaborately drawn in India ink comprised of letters surrounded by fancy borders, dragons and flowers often covering the entire coin.
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