1856 G50C BG-310 (Regular Strike)
Obverse & Reverse
The 1856 G50C BG-310 is a tangible relic of the 'Period One' era of California Fractional Gold, the most historically significant period for these miniature coins. Struck in the chaotic aftermath of the California Gold Rush, these pieces arose from a critical economic necessity. While the Assay Office and private minters were striking larger denomination gold coins ($5 to $50), the massive influx of over 300,000 people created a severe shortage of small-denomination coinage for daily transactions. A 'pinch' of gold dust was an inaccurate and often contentious method for paying for a drink or a meal. To fill this void, enterprising jewelers in San Francisco began striking their own 25-cent, 50-cent, and one-dollar pieces from native California gold starting in 1852. These Period One issues, struck from 1852 to roughly 1857, are distinguished from later souvenir issues by the belief that they were created for and saw actual use in commerce. Their weights, while not always exact, were generally close enough to their face value to be accepted in the inflated Gold Rush economy. The opening of the San Francisco Mint in 1854 and its ramped-up production by 1856 gradually introduced sufficient quantities of official U.S. silver coinage, rendering the fractional gold pieces obsolete. This led to the cessation of their production for circulation around 1857. The BG-310 is a product of this final year of intended circulation, a last gasp of a uniquely Californian solution to a classic frontier problem. These tiny octagonal coins would have passed through the hands of miners, merchants, and gamblers, facilitating the vibrant and tumultuous economy of Gold Rush San Francisco before fading into numismatic history.
Associated EventCalifornia Gold Rush
Reason For MintingTo alleviate a severe shortage of small-denomination coinage for everyday commercial transactions in Gold Rush-era California.
Minter HistoryThe specific minter for the BG-310 variety is unknown, a common trait for many California Fractional Gold pieces. The work is attributed to the community of jewelers and metalsmiths operating in San Francisco during the 1850s. These artisans, many of whom were French immigrants like M. Deriberpe and Antoine Louis Nouizillet, possessed the skills and equipment for die-sinking and coining. They operated in a legally grey area, producing coins to meet a clear market demand. Their names are sometimes known from initials on the coins, but most, like the producer of BG-310, remain anonymous.
Historical SignificanceThe BG-310, as a Period One issue, represents a fascinating chapter in American monetary history where private citizens stepped in to fulfill a core function of government. It is a direct link to the daily economic life of the California Gold Rush, a time when the lack of circulating small change necessitated private and creative solutions. Its existence underscores the dynamic and often chaotic conditions of the American frontier.
N/A
Denomination50 Cents
Minting Period1856
Assayer/MinterUnknown private minter, possibly various San Francisco jewelers
Geographic OriginSan Francisco, California
Obverse DescriptionA Liberty Head facing left, similar in style to the contemporary U.S. gold dollar, surrounded by thirteen stars. The portrait's details can vary based on strike quality.
Obverse InscriptionLIBERTY (on coronet) and the date 1856 below the bust.
Reverse DescriptionThe denomination '1/2' is centered within a wreath of leaves and berries, which is open at the top.
Reverse InscriptionCALIFORNIA GOLD
CompositionGold
Stated Fineness Actual FinenessTypically around .880 fine, as they were struck from unrefined native California gold which naturally contains silver.
Weight0.85 grams
Diameter11.00 mm
EdgePlain
Unknown, but very low
Survival Estimate13-20 coins
Rarity ScaleR-6+
This coin is highly sought after for its extreme rarity, its direct connection to the authentic circulation period of the Gold Rush, and its classic octagonal shape. Being a 'Period One' issue adds a significant premium and historical appeal over the later, more common souvenir pieces.
Key VarietiesThe primary distinction for this issue is between BG-310 and the similar, but less rare, BG-311. On BG-310, the word CALIFORNIA on the reverse is more evenly and centrally spaced within the wreath. Later die states of BG-310 are known to exist, sometimes showing minor die cracks, such as a radial crack near 3 o'clock on the reverse. No official restrikes or patterns are known for this specific variety.
Authentication TipsGenuine Period One pieces like BG-310 are denominated (e.g., '1/2'). They were struck, not cast, so surfaces should exhibit striking characteristics, not casting bubbles or a soapy texture. The lettering and stars, while sometimes crude, should be distinct. Weight and dimensions should be close to the standard. The vast majority of unattributed or uncertified California Fractional Gold pieces are fakes or modern souvenirs; professional third-party grading and authentication are essential.
Shopping ConsiderationsFor a premium quality BG-310, look for a sharp strike, particularly on Liberty's hair and the details of the wreath. Original, lustrous surfaces are paramount and command a significant premium; many surviving examples are cleaned or have impaired surfaces. An attractive, original reddish-gold or orange-peel toning is highly desirable. Check carefully for tooling in the fields or repairs. Given the rarity, any example will be prized, but one with minimal distracting marks and a bold strike is a top-tier acquisition.
A coin's grade is its condition, rated on a 1-70 scale. For rare coins, this is the most critical factor in determining value, as a tiny difference in preservation can mean a huge difference in price.
Relevant Grade TypesOriginal BG-310 specimens are business strikes, created for circulation. They are found in Circulated grades (AG-3 to AU-58) and, very rarely, in Mint State (MS-60 to MS-70). No proofs were struck during the original minting period, and there are no known later-date proof restrikes for this specific Breen-Gillio variety.
Mint State CharacteristicsAn uncirculated BG-310 will exhibit full, unbroken luster, which is typically satiny or sometimes prooflike. Due to the primitive 'hammer' striking method often used, strikes can be uneven. A premium MS example would be well-centered and have sharp details on the highest points of Liberty's hair and the wreath leaves. Small planchet flaws or adjustment marks are not uncommon and are generally accepted by collectors if not distracting. Contact marks, even small ones, can significantly impact the grade.
Circulated Wear PatternsWear first appears on the high points: Liberty's cheek, the hair above the eye and ear, and the highest leaves and berries of the wreath. On lower-grade examples, the stars will begin to merge with the field, and the finer details of the wreath will become flat. The date and legends, particularly the delicate 'CALIFORNIA GOLD', will show significant weakness in grades below Very Fine (VF).
Key Factors For ValueRarity is the primary driver of value for the BG-310. Beyond that, surface preservation is critical; an example with original, uncleaned surfaces and attractive luster will sell for multiples of a cleaned or damaged coin of the same technical grade. Strike quality is the next factor; a sharply struck coin is always preferred over a weakly struck one. Finally, eye appeal, which encompasses toning and the absence of distracting marks, plays a major role. A CAC sticker on a certified coin would confirm premium quality for the grade and add a significant price premium.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 30 | $750.00 | N/A |
| 35 | $850.00 | N/A |
| 40 | $1,000.00 | N/A |
| 45 | $1,100.00 | N/A |
| 45+ | $1,150.00 | N/A |
| 50 | $1,500.00 | N/A |
| 50+ | $1,550.00 | N/A |
| 53 | $1,800.00 | N/A |
| 53+ | $1,850.00 | N/A |
| 55 | $2,050.00 | N/A |
| 55+ | $2,150.00 | N/A |
| 58 | $2,250.00 | 5 |
| 58+ | $2,400.00 | N/A |
| 60 | $2,650.00 | N/A |
| 61 | $3,000.00 | 4 |
| 62 | $3,250.00 | 5 |
| 62+ | $4,250.00 | N/A |
| 63 | $5,000.00 | 2 |
| 63+ | $5,750.00 | N/A |
| 64 | $8,000.00 | 3 |