1870 G25C BG-755 (Regular Strike)
Obverse & Reverse
The 1870 G25C BG-755 is a quintessential example of a 'Period Two' California Fractional Gold piece, a fascinating series born from the unique economic conditions of post-Gold Rush California. The initial motivation for private gold coinage in the early 1850s was a severe shortage of small change for commerce; miners had gold dust but struggled with daily transactions. Jewelers and assayers stepped in to fill this void by striking their own quarter-dollar, half-dollar, and dollar pieces. However, by 1870, the landscape had changed. The San Francisco Mint was in full operation, producing ample federal coinage. The Coinage Act of 1864 had explicitly outlawed private coinage, making the continued production of such pieces legally perilous. Despite this, enforcement was lax, allowing minters like Robert B. Gray & Co. to continue their craft. These 'Period Two' issues (1858-1882) were therefore not primarily intended to alleviate a coinage shortage but to satisfy a burgeoning market for souvenirs and curiosities. They were popular keepsakes for tourists and reminders of the romanticized Gold Rush era. Robert B. Gray, a San Francisco jeweler, was a prolific producer during this period, known for pieces that were often heavier and of higher intrinsic value than many of his competitors'. The BG-755 variety, with its distinctive crude stars, was struck using hand-cut dies and rudimentary coining presses, resulting in significant variation in strike quality. These tiny gold pieces were a tangible link to the West's wild beginnings, transitioning from a practical necessity to a numismatic novelty within a single generation before the Secret Service finally cracked down on all private minters in 1883, ending the era.
Associated EventPost-California Gold Rush Souvenir Market
Reason For MintingPrimarily created to serve the growing demand for souvenirs and jewelry pieces related to the California Gold Rush, rather than for general circulation.
Minter HistoryRobert B. Gray & Co. was a prominent San Francisco jewelry firm and a significant manufacturer of California Fractional Gold during what is known as 'Period Two' (1858-1882). In the late 1850s, Gray acquired the business and equipment of another fractional gold minter, Antoine Louis Nouzillet. He introduced his own hallmark 'G' on his quarter dollar issues starting in 1870. According to research by Breen and Gillio, Gray's pieces are noted for often being of higher weight and intrinsic value compared to other contemporary private issues.
Historical SignificanceThe BG-755 represents a transitional phase in private coinage, from functional money to commercial memorabilia. It highlights the lax enforcement of federal coinage laws in the West during this period and the enduring romantic appeal of the Gold Rush, which created a secondary market for these miniature gold 'coins' long after their practical necessity had faded.
BG-755
DenominationG25C (25 Cents)
Minting Period1870
Assayer/MinterRobert B. Gray & Co.
Geographic OriginSan Francisco, California
Obverse DescriptionA right-facing Liberty Head, modeled after the contemporary federal gold coinage. The portrait is surrounded by 13 crude, six-pointed stars that are characteristically rounded or pellet-like rather than sharp. The date '1870' appears below the bust.
Obverse Inscription1870
Reverse DescriptionThe denomination '1/4' and 'DOLLAR' are enclosed within a continuous, simple wreath of leaves. The design is often unevenly struck, with portions of the wreath appearing weak or fragmented due to die polishing.
Reverse Inscription1/4 DOLLAR
CompositionGold
Stated Fineness Actual Fineness Weight0.30 grams
Diameter10.00 mm
EdgePlain
Unknown
Survival Estimate75-125
Rarity ScaleR-4+ (High R-4)
The BG-755 is highly appealing for its direct connection to the California Gold Rush era, its miniature size, and its status as a privately issued gold piece. As a product of the known jeweler Robert B. Gray & Co., it offers a specific historical attribution that many 'maverick' issues lack. The distinctive crude stars make it a recognizable variety.
Key VarietiesThere are no major recognized varieties of the BG-755 itself struck during the period of issue. The variations seen are primarily related to die states and striking characteristics. No later-date proof restrikes or special collector issues are known to exist for this specific Breen-Gillio variety.
Authentication TipsGenuine BG-755 examples are identified by several key diagnostics. The 13 obverse stars are crudely engraved and appear more like rounded pellets than sharp, defined stars. On the reverse, the wreath is often fragmented or incomplete, a known characteristic resulting from heavy die polishing by the maker. The overall strike is frequently soft. Counterfeits may have sharp, well-defined stars or a perfectly complete wreath. Weight and diameter should also be consistent with known examples (approx. 0.3g and 10mm), though slight variations exist.
Shopping ConsiderationsA premium quality BG-755 will exhibit a stronger-than-average strike, particularly on Liberty's portrait and the central denomination. While the fragmented wreath is a characteristic of the variety, a specimen where the details are as clear as possible is preferred. Look for original, undisturbed surfaces with a pleasing lemon-gold or light orange-gold luster. Many survivors are in circulated grades, so uncirculated (MS) examples command a significant premium. Avoid examples that have been harshly cleaned, bent, or used in jewelry, as such damage is common and severely impacts value.
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 TypesAll original 1870 G25C BG-755 coins were business strikes intended for sale as souvenirs, not for monetary circulation in the traditional sense. They are found in Circulated grades (AU-58 and below) and Mint State grades (MS-60 to 70). No true Proofs were struck during the original period of issue, and no later-date Proof restrikes of this specific variety are known.
Mint State CharacteristicsAn uncirculated BG-755 is defined by the presence of original mint luster. The quality of this luster can range from soft and satiny to flashy. Even high-grade Mint State examples are expected to be weakly struck in areas, particularly on the wreath. The fields are often semi-prooflike but can show die polishing lines. Due to the rudimentary production process, small planchet flaws or adjustment marks are not uncommon and may not preclude a high grade if they are not distracting. The key is discerning between mint-made imperfections and post-strike damage.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes Liberty's cheek, hair, and the eyebrow. On the reverse, the high points of the wreath's leaves and the numerals of the fraction '1/4' will show the first signs of friction and flattening. In lower grades (VF and below), the stars will begin to merge with the fields and the finer details of the wreath will be lost.
Key Factors For ValueFor the BG-755, value is driven by several factors. Grade is paramount, with a sharp jump in value for Mint State examples, especially Gem (MS-65) and finer. The sharpness of the strike is critical; a well-defined Liberty portrait and wreath on a typically weak issue will command a strong premium. Surface quality is next; examples with clean, flashy fields and original lemon-gold color are highly prized over those that are cleaned, spotted, or scratched. Finally, a CAC sticker adds a significant premium, confirming that the coin is of high quality for its assigned grade.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 40 | $200.00 | 1 |
| 45 | $215.00 | N/A |
| 45+ | $220.00 | N/A |
| 50 | $230.00 | 2 |
| 50+ | $235.00 | N/A |
| 53 | $245.00 | 2 |
| 53+ | $250.00 | N/A |
| 55 | $260.00 | 6 |
| 55+ | $265.00 | N/A |
| 58 | $275.00 | 12 |
| 58+ | $285.00 | N/A |
| 60 | $300.00 | 4 |
| 61 | $375.00 | 7 |
| 62 | $425.00 | 17 |
| 62+ | $475.00 | N/A |
| 63 | $550.00 | 4 |
| 63+ | $800.00 | N/A |
| 64 | $1,500.00 | 2 |