1864 G$1 BG-1326 (Regular Strike)
Obverse & Reverse
The 1864 G$1 BG-1326 is a product of what numismatists classify as 'Period Three' (post-1882) of California Fractional Gold production. This era is distinct from the earlier periods of necessity (Period One, 1852-1857) and early souvenirs (Period Two, 1858-1882). By 1883, the United States Secret Service began actively enforcing the Coinage Act of 1864, which prohibited the private issuance of coinage. This federal action effectively ended the legitimate production of denominated fractional gold pieces. However, the allure of Gold Rush romance and the collector demand for these tiny gold pieces persisted. In response, various jewelers and entrepreneurs began striking tokens and souvenir pieces, often backdating them to the 1850s and 1860s to evoke the height of the Gold Rush and to circumvent the law. The BG-1326, though dated 1864, falls squarely into this later souvenir category. It was not intended for circulation and its production date is decades after the date it bears. These pieces were sold as charms, keepsakes, and mementos of California's golden history. Many Period Three issues are attributed to makers like Robert B. Gray & Co. of San Francisco or, more famously, Herman Kroll, a New York jeweler active in the early 20th century who acquired old dies and produced a variety of restrikes and fantasy pieces. The BG-1326's existence highlights the transition of fractional gold from a circulating medium of exchange to a purely numismatic and collectible item, a tangible link for a later generation to the pioneering spirit of the '49ers.
Associated EventPost-Gold Rush Nostalgia & Souvenir Market
Reason For MintingTo satisfy collector and tourist demand for souvenirs of the California Gold Rush, long after private coinage was outlawed.
Minter HistoryThe exact minter of BG-1326 is not definitively known. It is part of a large and complex group of 'Period Three' issues. Prime candidates include San Francisco jewelers like Robert B. Gray & Co., who were known to produce such pieces. Another significant figure of this era was Herman Kroll, a New York jeweler who came into possession of original and copy dies and struck numerous restrikes and fantasy pieces in the early 1900s. These later minters were not assayers in the territorial sense but rather manufacturers catering to a collector market.
Historical SignificanceThe BG-1326 is significant not as a coin of the Civil War era, but as a representation of the enduring legacy of the Gold Rush in American culture. It demonstrates the established collector market for pioneer and territorial issues that had emerged by the late 19th and early 20th centuries, prompting the creation of nostalgic, backdated pieces for a new generation of enthusiasts.
N/A
Denomination$1
Minting Periodca. 1884-1915
Assayer/MinterUnknown, possibly Robert B. Gray & Co. or Herman Kroll
Geographic OriginSan Francisco, California or New York, New York
Obverse DescriptionA small Liberty Head, facing left, with 'LIBERTY' inscribed on her coronet. The head is surrounded by thirteen stars, representing the original colonies. The date '1864' is below the bust truncation.
Obverse InscriptionLIBERTY 1864
Reverse DescriptionThe denomination '1 DOLLAR' is enclosed within a beaded circle, which is itself surrounded by a wreath of leaves and berries. The wreath is open at the top.
Reverse Inscription1 DOLLAR
CompositionGold
Stated Fineness Actual FinenessTypically low, often in the 10-14 Karat range for Period Three issues.
Weight0.45 grams
Diameter11.10 mm
EdgePlain
Unknown
Survival EstimateFewer than 150
Rarity ScaleR-5
This variety appeals to specialists in the California Fractional Gold series, particularly those attempting to complete a Breen-Gillio variety set. As a 'Period Three' issue, it tells the story of the post-Gold Rush souvenir market and the legal challenges surrounding private coinage. Its defined rarity (R-5) makes it a challenging but obtainable goal for dedicated collectors.
Key VarietiesBG-1326 is the primary variety. A notable associated issue is the BG-1326A, which is classified as a restrike. Restrikes like this were often made with altered or later-state dies, sometimes by different makers who acquired the original tooling. Distinguishing between the original souvenir striking and the later restrike requires die state analysis and comparison to known examples. No proof strikings from the original period of manufacture are known.
Authentication TipsAuthenticity is a major concern for Period Three issues. Genuine examples should be struck in gold, albeit often of low fineness. Compare the piece to high-resolution images of certified examples to verify die characteristics, such as the exact shape and position of the stars, numerals in the date, and leaves in the wreath. Counterfeits are often brass or gold-plated and may have a soapy or indistinct feel. The strike quality on genuine pieces can be crude, but key design elements should be present. Third-party grading is highly recommended.
Shopping ConsiderationsA premium quality example for this issue is one that is well-struck for the type, with clear details on Liberty's coronet and the wreath leaves. Original, undisturbed surfaces are paramount; many of these pieces were cleaned or used as jewelry, so finding one with original luster is a significant bonus. Look for a bold date and legends. Avoid examples with significant rim bumps, scratches, or evidence of having been mounted. The crude nature of their production means perfectly centered strikes are uncommon, so a relatively well-centered piece commands a premium.
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 Period Three issues like BG-1326 were business strikes created for the collector and souvenir market, not for circulation. They are found in both Circulated (1-58, often from being carried as pocket pieces or used in jewelry) and Mint State (MS, 60-70) grades. No proofs were struck during the original manufacturing period. The associated BG-1326A is a later collector restrike and is a separate numismatic item, also graded on the 1-70 business strike scale.
Mint State CharacteristicsUncirculated examples often exhibit a somewhat prooflike or satiny luster, a byproduct of the dies and striking process used for these souvenir pieces. The strike is frequently weak in the center, particularly on the highest points of Liberty's hair and the wreath. Planchet quality can be mediocre, with minor striations or adjustment marks being common and not necessarily a detriment unless severe. Contact marks are common due to the softness of the low-karat gold.
Circulated Wear PatternsAlthough not intended for commerce, many were handled or used as jewelry. Wear first appears on the high points of Liberty's cheek, hair above the eye, and the coronet. On the reverse, the highest points of the wreath leaves and the letters in 'DOLLAR' will show friction and loss of detail first. In lower grades (VF and below), the stars on the obverse will begin to lose their points and merge with the field.
Key Factors For ValueFor the BG-1326, value is driven primarily by rarity and grade. A sharply struck example with minimal marks and original, lustrous surfaces will command a significant premium over a weakly struck or cleaned coin of the same grade. Eye appeal is critical; pieces with a pleasing, original reddish-gold color are preferred. Given the prevalence of counterfeits and imitations in this series, certification by a top-tier grading service (PCGS or NGC) with the correct Breen-Gillio attribution is nearly essential for market acceptance and value.