The coat of arms was given to the borough on 10 November 1955, replacing several earlier versions.

The one on display in the mayoress's parlour was embroidered by the Chesterfield Embroiderers Guild.

In the centre is a shield with a pomegranate, on the left is a cock and on the right is a magpie (pynot in local speech). There is a local pub, called the Cock and Magpie, where three noblemen plotted what became known as the Revolution of 1688 to replace King James II (a Roman Catholic) by William and Mary of Orange (Protestants), an event known as the Glorious Revolution. 

Above the shield there is a wall, showing that Chesterfield is a borough with an ancient charter. The charter was granted by Elizabeth I, and a copy of it is on display in the council chamber. The original charter is kept at the Chesterfield Museum.

The ram is the Derbyshire symbol and is also the mascot of the Mercian Regiment.

At the bottom of the coat of arms is a patch of rocks and heather, referring to the nearby Peak District, and the word "aspire", a word with two meanings. One is a reference to the Crooked Spire, Chesterfield's most famous landmark. The other meaning is to strive for, work towards, hope for, a very positive message about the attitude of Chesterfield people.