1872 25C BG-721A (Regular Strike)
Obverse & Reverse
The 1872 BG-721A 25 Cents is a product of the second period (1859-1882) of California Fractional Gold production, often termed the 'Jewelers' Issues.' Unlike the earlier Period One pieces which were struck to genuinely alleviate a shortage of small change during the initial Gold Rush, these later issues were created under different circumstances. By the 1870s, the United States Mint in San Francisco was fully operational and the acute coin shortage had subsided. However, a robust market for small gold 'charms' or 'tokens' had developed, fueled by tourism and a continued romantic fascination with the Gold Rush. Jewelers, primarily in San Francisco, stepped in to meet this demand. They produced a dazzling variety of small-denomination gold pieces that were technically illegal following the Private Coinage Act of 1864. This law was not strictly enforced until the early 1880s, allowing a cottage industry to flourish. These Period Two pieces, including BG-721A, were intentionally made lightweight, containing less than their face value in gold, distinguishing them from the earlier, more utilitarian issues. They were not intended to circulate as money in the traditional sense but were sold as souvenirs and keepsakes. The crude but effective 'hammer method' of striking—using a sledgehammer to strike a top die onto a planchet resting on a bottom die—was still common, leading to significant variations in strike quality. Many different dies were created, resulting in the vast number of varieties cataloged by Breen and Gillio. The Liberty Head motif, a familiar and trusted symbol from official U.S. coinage, was widely used to give the pieces an aura of legitimacy and appeal. The production of these items ceased around 1882-1883 when the Secret Service, under Chief James J. Brooks, finally cracked down on their manufacture, deeming them a risk for fraudulent use despite their low intrinsic value. Today, these pieces are highly collectible as tangible links to the post-Gold Rush era in California, representing a unique intersection of numismatics, jewelry, and souvenir commerce.
Associated EventPost-California Gold Rush Economic Expansion and Tourism
Reason For MintingTo satisfy commercial demand for gold souvenirs and gift items, rather than to serve as circulating currency.
Minter HistoryThe specific minter for the BG-721A variety is unknown, which is typical for many 'Jewelers' Issues' from Period Two. After the Coinage Act of 1864, many producers operated anonymously or with only initials to avoid legal trouble. San Francisco jewelers like Robert B. Gray, Antoine Nouizillet, and others were prolific producers during this period, and it is likely that one of these or a contemporary competitor created the dies for this piece. These craftsmen were skilled metalworkers who capitalized on the public's demand for miniature gold coins.
Historical SignificanceThe BG-721A represents the evolution of California Fractional Gold from a necessary form of currency to a popular souvenir item. It is a physical artifact of the commercialization of the Gold Rush legend and the developing tourist trade in California. Its existence, despite being technically illegal to produce, highlights a period of lax federal enforcement and the persistent entrepreneurial spirit of the American West.
BG-721A
Denomination25 Cents
Minting Period1872
Assayer/MinterUnknown Jeweler
Geographic OriginSan Francisco, California
Obverse DescriptionA beaded border enclosing a Liberty Head, facing left. The portrait is a simplified version of the design on contemporary federal gold coinage. Thirteen stars typically surround the head, although the arrangement and quality can vary.
Obverse Inscription[NONE]
Reverse DescriptionA beaded border enclosing a wreath made of two branches tied with a bow at the bottom. Inside the wreath is the denomination '1/4 DOLLAR' and the date '1872'.
Reverse Inscription1/4 DOLLAR 1872
CompositionGold
Stated Fineness Actual FinenessTypically varied from 14 to 22 karats for Period Two issues.
Diameter9.00 mm
EdgePlain
Unknown
Survival EstimateFewer than 75
Rarity ScaleR-5 (Very Scarce: 31-75 known)
This coin is sought after by specialists in the extensive California Fractional Gold series. Its appeal lies in its specific Breen-Gillio variety number, its octagonal shape, the classic Liberty Head design, and its status as a 'Period Two' jeweler's issue, which tells a different story than the earlier, circulating fractionals.
Key VarietiesBG-721A is a specific die marriage. Within the broader 1872 25C octagonal series, collectors seek out different Breen-Gillio numbers (e.g., BG-721, BG-722, BG-725, BG-726), which are differentiated by die characteristics such as the shape of the numerals in the date, the number of berries in the wreath, and the positioning of the design elements. No special collector restrikes or patterns are known for this specific variety.
Authentication TipsAuthentic pieces should have the correct weight and diameter for the type, although slight variations exist. Look for sharp, albeit sometimes crude, die work. The surfaces may show evidence of the hammer-striking process, including slight unevenness. Counterfeits are common; many are gold-plated brass tokens made later. Genuine pieces will have the denomination explicitly stated as 'DOLLAR' or 'CENTS'; souvenir tokens with a bear on the reverse are not original period issues. The 'feel' of the gold and the style of the engraving must match known authentic examples.
Shopping ConsiderationsA premium quality example for this issue is defined by a bold, well-centered strike. Look for sharpness on the highest points: Liberty's hair details and the bow of the wreath. Original, lustrous surfaces are highly desirable and command a significant premium over cleaned or polished examples. Due to their small size and handling, many specimens are found with minor rim bumps, scratches, or evidence of having been mounted as jewelry; avoid these if possible. Eye appeal is paramount; seek out pieces with a pleasing, original reddish-gold or yellow-gold patina. Given the prevalence of counterfeits, purchasing examples certified by a reputable third-party grading service (PCGS or NGC) is strongly recommended, as they verify both authenticity and the BG variety.
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 period issues like BG-721A were business strikes, although intended as souvenirs rather than for circulation. They are found in Circulated (1-58) and, more commonly, Mint State (MS, 60-70) grades, as many were preserved as keepsakes. No Proofs were struck during the original period of issue, and no later-date collector restrikes are known for this variety.
Mint State CharacteristicsUncirculated examples of BG-721A often exhibit a soft, satiny luster. The strike is a key determinant of quality; many were weakly struck, so examples with full sharpness on the stars, Liberty's coronet, and the details of the wreath are rare and prized. Planchet quality was inconsistent, so it's common to see minor original planchet flaws or adjustment marks even on high-grade specimens. Contact marks, while present, can be less of an issue than on larger coins, but due to the softness of the gold, even small nicks can be prominent on the open fields.
Circulated Wear PatternsFor circulated examples, wear first appears on the highest points of the design. On the obverse, friction will first dull the luster and flatten the details of Liberty's hair above the eye and on the cheek. On the reverse, the high points of the wreath's leaves and the knot of the bow will show wear first. In lower grades (VF and below), the stars will begin to merge with the fields and the finer details of the wreath will become indistinct.
Key Factors For ValueThe primary drivers of value for an 1872 BG-721A are grade and surface quality. A sharp, well-struck example with clean, original surfaces and strong luster will command a significant premium. Eye appeal is crucial; coins with a pleasing, undisturbed original skin are worth far more than cleaned, polished, or damaged examples. The specific Breen-Gillio catalog number confirms its variety and rarity. Certification by PCGS or NGC is almost essential for market acceptance, and a CAC sticker, indicating premium quality for the grade, adds a further substantial premium.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 55 | $7,500.00 | 1 |