1863 G25C BG-734 (Regular Strike)
Obverse & Reverse
The 1863 G25C BG-734 is a fascinating artifact from the second phase of California Fractional Gold production, known as 'Period Two' (1859-1882). Unlike the earlier 'Period One' issues, which were struck out of necessity to alleviate a severe shortage of small-denomination coinage during the initial Gold Rush boom, Period Two pieces were created in a different economic climate. By the 1860s, the San Francisco Mint was in full operation, and federally issued coins were more readily available. The impetus for striking these small gold pieces shifted from circulation to commerce of a different sort: the burgeoning tourist and souvenir trade. San Francisco had transformed from a chaotic frontier town into a bustling metropolis, and visitors were eager for mementos of the Golden State. Jewelers and private minters like Robert B. Gray & Co. met this demand by producing a wide variety of attractive, miniature gold 'coins.' These pieces were often deliberately underweight and of a lower fineness than their stated value would imply, a fact that was of little concern to buyers who prized them as keepsakes and jewelry items. The BG-734, with its classic Liberty Head design, was a product of this era. Struck during the American Civil War, its creation reflects a localized economy still flush with gold and a society keen on symbolic representations of wealth and national identity, even on a miniature scale. The Coinage Act of 1864 would soon prohibit private coinage, but the law was largely ignored by fractional gold producers, who continued their work until a Secret Service crackdown in the early 1880s finally halted production.
Associated EventCalifornia Gold Rush Tourist & Souvenir Trade
Reason For MintingPrimarily struck to be sold as souvenirs, keepsakes, and jewelry items to tourists and locals in post-Gold Rush San Francisco.
Minter HistoryRobert B. Gray & Co. was a manufacturing jeweler located in San Francisco during the Gold Rush era. Like other jewelers of the time, the firm capitalized on the abundance of local gold and the high demand for transportable, attractive souvenirs. They were one of several private minters who produced a significant variety of Period Two California Fractional Gold pieces, often utilizing stock designs like the Liberty Head and Indian Head motifs to appeal to popular taste. Their pieces are part of the larger, complex tapestry of private minting operations in mid-19th century California.
Historical SignificanceThe BG-734 represents the evolution of California Fractional Gold from a necessary medium of exchange to a commercial souvenir. It is an important marker of the socio-economic maturation of San Francisco and the commodification of the Gold Rush legacy. Numismatically, it is a key variety within the extensive Breen-Gillio classification system, prized for its specific design characteristics and high rarity.
N/A
DenominationG25C (25 Cents)
Minting Period1863
Assayer/MinterRobert B. Gray & Co.
Geographic OriginSan Francisco, California
Obverse DescriptionA classic Liberty Head design facing left, reminiscent of the federal gold coinage of the era. The head is surrounded by thirteen five-pointed stars representing the original colonies.
Obverse Inscription(None - 13 stars serve as the primary device)
Reverse DescriptionA simple wreath surrounds the denomination '25 CENTS' and the date '1863'. The letter 'G' for the minter, Gray, appears below the wreath.
Reverse Inscription25 CENTS 1863 G
CompositionGold
Stated Fineness Actual FinenessTypically lower than federal standards, fineness varies.
Diameter9.50 mm
EdgePlain
Unknown
Survival Estimate21-30 known examples
Rarity ScaleR-6
The BG-734 is highly sought after due to its R-6 rarity, octagonal shape, and classic Liberty Head design. As a Period Two issue, it is often found in higher grades than its Period One counterparts, appealing to collectors who prioritize condition. Its specific attribution to Robert B. Gray & Co. adds to its historical interest.
Key VarietiesThe primary variety is the regular business strike. No proof or special collector issues from the period of minting are known. Research has not identified any significant later-date restrikes or patterns specifically for the BG-734 variety. The major variations in the broader California Fractional Gold series are the numerous die pairings cataloged by Breen-Gillio, with BG-734 being one specific and distinct variety.
Authentication TipsGenuine examples often exhibit a characteristically weak or flat strike, particularly in the center of the obverse and reverse. Look for sharp, well-defined stars and lettering appropriate for the known dies. The surface may show fine die polishing lines. Counterfeits are common in this series; many are brass or gold-plated and often feature a bear on the reverse, a design element not found on genuine period issues. Replicas also tend to have a soapy, artificial luster and may be improperly denominated or lack a denomination entirely. Purchase of raw examples is highly risky; third-party certification is strongly recommended.
Shopping ConsiderationsWhen acquiring a BG-734, prioritize examples with a sharp strike for the grade, as many are softly impressed. Look for original, uncleaned surfaces with pleasing luster. A hint of reddish-gold toning is often seen and considered attractive. Check carefully for evidence of having been mounted in jewelry, such as rim damage, solder marks, or tooling, which is common for these souvenir-intended pieces and significantly impacts value. Given the R-6 rarity, any certified problem-free example is a significant acquisition. Coins with CAC verification command a substantial premium, confirming both authenticity and quality for the assigned grade.
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-734 issues were business strikes produced primarily as souvenirs. They are found in Circulated grades (AU-58 and below), though less frequently than Period One issues, and more commonly in Mint State (MS, 60-70) grades. No proofs were struck during the original minting period, and there are no known later-date Proof restrikes associated with this specific variety.
Mint State CharacteristicsUncirculated examples of BG-734 are characterized by their luster, which can range from satiny to semi-prooflike. A key issue with this variety is the strike; a complete, sharp strike across all elements is rare and commands a significant premium. Most will show some weakness on Liberty's hair details and the central elements of the reverse wreath. Bag marks are less of a concern than with larger coins, but small, detracting contact marks on the cheek or in the fields can affect the grade.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes Liberty's hair above the eye and ear, the cheek, and the tips of the stars. On the reverse, the highest points of the wreath and the numerals of the date will show the first signs of friction and flattening. In lower circulated grades, the finer details of the hair and wreath will merge, and the legends will become soft.
Key Factors For ValueFor the BG-734, rarity and grade are paramount. However, within a specific grade, eye appeal is the defining factor. An example with a sharp strike, clean surfaces free of distracting marks or damage, and original, attractive luster will always be more valuable than a weakly struck or cleaned piece of the same numerical grade. Originality of the surface is critical; any signs of harsh cleaning, polishing, or repair (especially removal from jewelry) will drastically reduce the value. A CAC sticker provides a strong premium, offering third-party assurance of quality and originality.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 45 | $300.00 | 1 |
| 45+ | $310.00 | N/A |
| 50 | $325.00 | N/A |
| 50+ | $330.00 | N/A |
| 53 | $345.00 | 1 |
| 53+ | $355.00 | N/A |
| 55 | $400.00 | 4 |
| 55+ | $420.00 | N/A |
| 58 | $475.00 | 1 |
| 58+ | $490.00 | N/A |
| 60 | $550.00 | 1 |
| 61 | $600.00 | 2 |
| 62 | $725.00 | 2 |
| 62+ | $800.00 | N/A |
| 63 | $975.00 | 2 |
| 63+ | $1,150.00 | N/A |
| 64 | $1,750.00 | 1 |