Green’s Dictionary of Slang

1. (mainly Aus.) something to be valued or prized.

1823		Sydney Gaz. 30 Oct. 4/2: She’d find, in the long run, Bill no such bad chop neither.
1848		Bartlett Dict. Americanisms 76: chop. A Chinese word signifying quality; first introduced by mariners in the China trade, but which has now become common in all our sea-ports.
1852		A. Smith Comic Tales 28: The Emperor has issued two following chops to the Hong Kong merchants, forbidding them to assist or correspond with the invaders.
1873		J. Mair Hbk of Phrases 100: Chop, quality.
1885		Bulletin (Sydney) 7 Feb. 13/2: The old girl didn’t draw – the Americans evidently being of the opinion that she is closely verging upon the mature. Her name is the Marquise del Grillo, and when here Madame was very ‘much chop’ indeed.
1888		‘Rolf Boldrewood’ Robbery Under Arms (1922) 9: There’s good and bad of every sort, and I’ve met plenty that were no chop of all churches.
1906		Sun. Times (Perth) 14 Jan. 4/8: The pritty girls on land don’t look much chop in the water.
1944		L. Glassop We Were the Rats 180: We only had those three morning raids. None of ’em were much chop.

2. (UK black) in pl., gold, as in chains, rings and similar jewellery.

2001

(con. 1981) A. Wheatle East of Acre Lane 169: His t’tree point five litre car an’ a piece of gold bracelet chops.

3. (Aus.) in pl. money.

1991		R.G. Barratt ‘An Artful Dodger’ in What Do You Reckon (1997) [ebook] [He] had misplaced some funds, plus some other chops that had fallen in from somewhere.
1998		R.G. Barrett Mud Crab Boogie (2013) [ebook] ‘[T]he pay’s good and Tooties needs the chops for when she hits the snow’.