Chopmarks are small stamps or imprints on coins, especially silver trade dollars, made by merchants to confirm their authenticity, weight, and metal content. The use of chopmarks was common in East Asia, particularly among Chinese merchants who needed to verify the legitimacy of foreign coins in a market rife with counterfeits. The stamp or imprint made by merchants indicated that it had been inspected, tested, and deemed trustworthy. Chopmarks are found on several types of coins, including widely circulated issues such as the Spanish 8 Reales and the U.S. Trade dollar.
Historical Origins of Chopmarks
The first chopmarked coins date to the Ming Dynasty (1368–1644), and some of the earliest known uses of chopmarks are found on bronze coins from the Wanli era (1572–1620). These early marks were known as Manila Chopmarks because of the Manila marks placed on coins by Chinese merchants trading in the Philippines. While these were often small and indistinct, some featured Chinese characters. The marks became more common in the 18th century as European, American, and Japanese silver coins began circulating in East Asia. Each merchant had a unique chopmark, and as more merchants verified coins, some became covered with these stamps. By 1933, when China demonetized silver coins, chopmarked coins had become a widely recognized symbol of East-West commerce.
The Practical Function of Chopmarks in Trade
Chopmarks were vital to international trade for the layer of security they offered against counterfeit coins. In an era where currency forgery was rampant, trustworthy coins offered peace of mind to merchants and their customers. Moneychangers known as shroffs were responsible for inspecting foreign coins and marking them with a stamp—a practice that aided the fluidity of trade. The reliability of chopmarked coins helped create a foundation of trust, which contributed to economic integration across regions. This inter-regional trust was built through chopmarked currency, and forged strong trade networks that transcended cultural and linguistic barriers.
Chopmarks on Iconic Coins
Some of the most well-known coins with chopmarked stamps are the Spanish 8 Reales and the U.S. Trade dollar.
Spanish 8 Reales
The Spanish 8 Reales was one of the Spanish colonial coins. It was known in Asias as the Piece of Eight or Spanish Dollar and was a major currency in global trade, prized for its size and high silver content. Chinese merchants, who dubbed it the Carolus Dollar after Spanish kings Charles III and Charles IV, marked these coins to confirm their authenticity.
U.S. Trade Dollar
Similarly, the U.S. Trade dollar, introduced in 1873, was struck specifically for trade with China. Americans hoped it would compete with the popular Spanish and Mexican silver coins, particularly the Mexican 8 Reales.
How Chopmarks Were Made
Chopmarks vary in design, from intricate Chinese characters and symbols to simple abstract motifs like sunbursts. Popular symbols to stamp included characters like Tian (天) for Heaven or L” (利) for Profit. To create chopmarks, a metal punch or stamp was struck against the coin, which left an impression that often exposed the coin’s underlying metal. Some of the marks were applied by shroffs. Over time, coins with prolonged circulation could accumulate multiple chopmarks, often obscuring their original design. Today, many collectors value coins with unusual chopmarks, as each stamp tells another chapter in the story of a coin in its journey through commerce.
Chopmarks as Historic Artifacts
Each chopmark on a coin is a historical record, reflecting the transactions it was used in. A chopmarked U.S. Trade dollar tells a story of a path across oceans, from Western mints to Chinese ports, and sometimes back again. Some collectors are captivated by these stories and treat chopmarked coins as miniature records of international trade and diplomacy, offering insight into the extensive trade routes and exchanges of the past. The marks, such as those representing specific Chinese merchants or businesses, serve as tangible reminders of bygone trade relationships.
Grading Chopmarked Coins
Grading coins with chopmarks presents unique challenges for the grading organizations, which have developed standards to assess them. PCGS and NGC have similar, but not identical, approaches to grading chopmarked coins.
How PCGS Grades Chopmarked Coins
Notable grading services such as the Professional Coin Grading Service (PCGS) assess chopmarked coins by first assigning a standard grade based on wear, then listing chopmarks as details.
How NGC Grades Chopmarked Coins
The Numismatic Guaranty Corporation (NGC) employs a similar approach, assessing wear levels and treating chopmarks as a variety. Additionally, due to the prevalence of counterfeit chopmarks, collectors are advised to conduct authenticity tests, such as verifying weight and dimensions, to avoid fraudulent purchases.
