1866 G25C BG-739 (Regular Strike)
Obverse & Reverse
The 1866 BG-739 25 Cents is a numismatic artifact from the second phase of private Californian coinage, a period numismatists classify as 'Period Two' (1859-1882). By the mid-1860s, the initial, desperate need for circulating coinage that characterized the Gold Rush's peak had subsided. The San Francisco Branch Mint was in full operation, supplying federal silver and gold coins for daily commerce. The private issues of Period Two, therefore, served a different purpose. They were no longer primarily intended to alleviate a coinage shortage but were instead crafted by jewelers as souvenirs, keepsakes, and novelty items for tourists and locals nostalgic for the Gold Rush's heady days. These pieces, often called 'jeweler's issues,' were typically underweight and struck with less concern for intrinsic value and more for design appeal. The Coinage Act of 1864 had explicitly outlawed private coinage, driving such operations further underground and ensuring their anonymous nature. The minters of these tiny gold pieces were skilled craftsmen, likely French jewelers who had settled in San Francisco, but they rarely signed their work to avoid prosecution by the Secret Service, which was actively cracking down on such activities. The BG-739 is a quintessential example of this era: an anonymous, beautifully crafted yet ephemeral piece of California's post-Gold Rush economic and social history. Its extreme rarity today suggests an infinitesimally small original mintage, perhaps only a handful of pieces struck as a trial or to satisfy a single client's order. Its existence is primarily known through its inclusion as the plate coin in the authoritative Breen-Gillio reference work, cementing its status as a significant variety despite its mysterious origins.
Associated EventPost-Gold Rush California Commerce
Reason For MintingPrimarily produced as a souvenir or novelty item for the jewelry trade rather than for general circulation.
Minter HistoryThe minter of the BG-739 variety is unknown, which is characteristic of most Period Two California Fractional Gold issues. The Coinage Act of 1864 made private minting illegal, forcing these operations to be clandestine. The style and quality of engraving suggest the work of a skilled jeweler, likely one of the many who operated in San Francisco during this period, but no specific maker's mark or definitive attribution has been established for this die pairing.
Historical SignificanceThe BG-739 represents the transition of California fractional gold from necessities of commerce to souvenir and jewelry items. Its existence illustrates the continued romantic fascination with gold and the Gold Rush era, even after the initial economic need for private coinage had passed. Its legendary rarity makes it a landmark variety within the series.
N/A
Denomination25 Cents
Minting Period1866
Assayer/MinterUnknown Private Minter
Geographic OriginSan Francisco, California
Obverse DescriptionA small, crudely rendered Liberty Head facing left, surrounded by thirteen five-pointed stars. The portrait is simple, with basic details in the hair and a plain diadem. The date '1866' is placed below the bust truncation.
Obverse Inscription1866
Reverse DescriptionThe denomination '1/4' is in the center, enclosed within a delicate wreath of 17 leaves. The inscription 'CALIFORNIA GOLD' appears outside the wreath, following the octagonal border.
Reverse Inscription1/4 CALIFORNIA GOLD
CompositionGold
Stated Fineness Actual FinenessFineness varied widely and was often low during this period, sometimes as low as 10-14 karats, but the specific purity of this variety is unknown.
EdgePlain
Extremely low, likely less than 10.
Survival Estimate2-3 known specimens.
Rarity ScaleHigh R-7
The BG-739 is an ultimate rarity in the California Fractional Gold series, sought after by advanced specialists. Its allure is magnified by its status as the plate coin in the Breen-Gillio reference, meaning the photograph in the definitive guide to the series is of this specific variety. Provenance to the legendary Jay Roe collection adds another layer of desirability.
Key VarietiesThere are no known major varieties of BG-739 struck during the period of issue. As a Period Two piece produced after private coinage was outlawed, no official patterns, proofs, or restrikes were created. All known examples are considered original business strikes, though they were likely intended for collectors and jewelers from the outset and not for circulation.
Authentication TipsAuthentication requires comparison to the known genuine examples. Key diagnostics include the precise positioning of the stars and date relative to the Liberty bust. Counterfeits of fractional gold are common; genuine Period Two pieces are characteristically very thin and often weakly struck in areas. Be wary of pieces that appear unusually thick, have mushy details, or exhibit casting bubbles. Any specimen not pedigreed to a major collection should be authenticated by a top-tier grading service.
Shopping ConsiderationsAcquiring a BG-739 is an event that may occur only once in a generation. A potential buyer should prioritize a clear provenance, ideally tracing back to the Jay Roe collection. Given that the known population is in Mint State, the primary considerations would be the quality of the strike, the level of reflectivity in the fields (many Period Two issues are Prooflike), and the absence of any detracting marks or hairlines. Eye appeal is paramount. The single NGC-graded example (MS-62) sets the benchmark for this variety. A buyer should expect to pay a significant premium for this historic and exceptionally rare coin.
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 issues were business strikes (MS 60-70) not intended for circulation, though they could have theoretically entered commerce. Due to their nature as souvenir items, nearly all surviving Period Two fractionals are found in Mint State grades. There are no known original-period Proofs. Later-date restrikes or collector issues are not known to exist for this specific variety.
Mint State CharacteristicsA Mint State BG-739 would be evaluated on strike, luster, and marks. The strike on these jeweler's issues is often uneven; a well-struck example with full central details on Liberty's hair and the wreath on the reverse would command a premium. Luster is typically bright and flashy, often with semi-prooflike or fully prooflike fields from polished dies. As the known examples were carefully preserved, significant contact marks would be unusual, but tiny planchet flaws or adjustment marks made prior to striking are sometimes seen on this series.
Circulated Wear PatternsWhile no circulated examples are confirmed to exist, if one were to be found, wear would first appear on the high points of the design. On the obverse, this would include Liberty's cheek, the hair above the ear, and the tips of the stars. On the reverse, the highest points of the wreath leaves and the numerals of the fraction '1/4' would show the first evidence of friction.
Key Factors For ValueFor the BG-739, value is overwhelmingly driven by its extreme rarity. Beyond that, the primary factors are eye appeal and surface preservation. An example with sharp details, reflective fields, and minimal contact marks would be considered superior. A strong provenance to a famous collection like Jay Roe's is a critical value component. A CAC sticker would provide further validation of quality and would likely add a significant premium, confirming that the coin is exceptional for its assigned grade.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 45 | $950.00 | 1 |
| 45+ | $1,050.00 | N/A |
| 50 | $1,250.00 | N/A |
| 50+ | $1,350.00 | N/A |
| 53 | $1,500.00 | N/A |
| 53+ | $1,600.00 | N/A |
| 55 | $1,750.00 | 1 |
| 55+ | $2,000.00 | N/A |
| 58 | $2,500.00 | N/A |
| 58+ | $3,000.00 | N/A |
| 60 | $3,750.00 | N/A |
| 61 | $4,500.00 | N/A |
| 62 | $6,250.00 | 1 |
| 62+ | $7,000.00 | N/A |
| 63 | $8,500.00 | 1 |