Q. David Bowers
Rarity of Chopmarked Coins
James Vernon Epps' aforementioned article discussed the availability of chopmarked trade dollars separately from the rarity of non-chopmarked pieces (the latter is quoted earlier). The order of these differs somewhat from that of unchopmarked coins. The Type I and II listings refer to reverse types only; obverse types were not studied.
The following listing, beginning with the most common (1877-S), is valuable as it indicates which circulated most actively in China and did their intended duty as trade coins. Undoubtedly, a survey taken today would show a different order than given by Epps in 1978, but I believe that the study is still valuable in a relative sense:
(Ranked commonest to rarest)
1877-S. Most common of all chopmarked trade dollars.
1878-S
1874-S
1874-CC
1874
1875-S Type I reverse
1876-S Type II reverse
1873-S
1875-S Type II reverse
1876-S Type I reverse
1876-CC Type II reverse
1875-CC Type I reverse
1877
1877-CC
1876 Type II reverse
1876 Type I reverse
1876-CC Type I reverse
1875 Type I reverse
1875 Type II reverse
1873-CC
1873
1875-S/CC Type I reverse
1875-CC Type II reverse
1878-CC. Rarest of all chopmarked trade dollars.
Most chopmarked coins are graded in the range of Very Fine to AU. Whether a coin can be called Mint State and be chopmarked is a matter of debate. My view is that as chopmarking was often done by Chinese commercial interests before such coins were placed into general trade channels, it is possible to have a Mint State chopmarked trade dollar.
How Many Mint State Coins Exist?
How many Mint State trade dollars exist today? The answer will never be known.. However, by extrapolating the numbers of coins found in auction catalogues (particularly those from 1986 to date; an era of more consistent grading interpretations) and certification service reports, plus entering a measure of opinion, observation of dealers' inventories, and experience, I have derived the figures given below, subject to the same limitations discussed earlier under the Willem study.
These numbers do not take into consideration any hoards that may be uncovered in the future in the Orient or elsewhere. However, allowance is made for coins presently in foreign collections. I believe that the higher the grade, the closer these estimates are to reality (reality being unknown, as noted).
Most Mint State trade dollars exist in lower levels such as MS-60 through 62. There are exceptions, with 1878-CC being an example; most Mint State 1878-CC coins are in medium to higher Mint State ranges, and there is no particular concentration at the MS-60 to 62 level.
It is relevant to mention that in John M. Willem's personal reference collection (auctioned by Henry Christensen, Inc., in 1980), the best 1873-CC and the best 1876-CC were AU, but the 1878-CC was Uncirculated.
Buyers seeking to find Mint State trade dollars will be confronted with an unusual situation: relatively few dealers specialize in them, and to many the denomination is virtually unknown and unstudied. This translates into important opportunities for alert buyers, for certain rarities are lower priced than they would otherwise be.
The results of my study are given below:
1873: Approximate population MS-65 or better: 10 to 15
MS-64: 50 to 100
MS-63: 60 to 100
MS-60 to 62: 150 to 250
1873-CC: MS-65 or better: 0 Of 1
MS-64: 2 or 3
MS-63: 2 to 4
MS-60 to 62: 40 to 80
1873-S: MS-65 or better: 4 to 8
MS-64: 25 to 50
MS-63: 30 to 50
MS-60 to 62: 100 to 175
1874: MS-65 or better: 6 to 10
MS-64: 50 to 100
MS-63: 60 to 100
MS-60 to 62: 150 to 250
1874-CC: MS-65 or better: 0 or 1
MS-64: 10 to 20
MS-63: 30 to 50
MS-60 to 62: 150 to 250
1874-S: MS-65 or better: 0 or 1
MS-64: 20 to 40
MS-63: 30 to 50
MS-60 to 62: 400 to 800+
1875: MS-65 or better: 10 to 20
MS-64: 25 to 50 MS-63: 55 to 90
MS-60 to 62: 100 to 175
1875-CC: MS-65 or better: 4 to 8
MS-64: 5 to 10
MS-63: 75 to 125
MS-60 to 62: 300 to 500
1875-S: MS-65 or better: 75 to 150+
MS-64: 200 to 400+
MS-63: 500 to 1,000+
MS-60 to 62: 1,500 to 3,000+
1875-S/CC: MS-65 or better: 0 or 1
MS-64: 4 to 7
MS-63: 5 to 8
MS-60 to 62: 50 to 75
1876: MS-65 or better: 40 to 60
MS-64: 150 to 300
MS-63: 200 to 400
MS-60 to 62: 700 to 1,200
1876-CC: MS-65 or better: 0 or 1
MS-64: 2 to 4
MS-63: 5 to 8
MS-60 to 62: 20 to 40
1876-S: MS-65 or better: 20 to 40+
MS-64: 100 to 200+
MS-63: 175 to 300+
MS-60 to 62: 900 to 1,800+
1877: MS-65 or better: 4 to 8
MS-64: 60 to 120+
MS-63: 150 to 250+
MS-60 to 62: 450 to 900+
1877-CC: MS-65 or better: 0 or 1
MS-64: 5 to 10
MS-63: 15 to 25
MS-60 to 62: 100 to 160
1877-S: MS-65 or better: 50 to 100+
MS-64: 170 to 325+
MS-63: 300 to 600+
MS-60 to 62: 1,750 to 3,500+
1878-CC: MS-65 or better: 6 to 10
MS-64: 20 to 40
Ms-63: 15 to 25
MS-60 to 62: 20 to 40
1878-S: MS-65 or better: 70 to 140+
MS-64: 175 to 350+
MS-63: 200 to 400+
MS-60 to 62: 1,000 to 2,000+
The above data distributed into analyses by the specific grade categories of MS-60 to 62, MS-63, MS- 64, and MS-65 are given below: