1864 G$1 BG-1327 (Regular Strike)
Obverse & Reverse
The 1864 Gold Dollar, cataloged as Breen-Gillio 1327, emerged during the second phase, or 'Period Two' (1858-1882), of California Fractional Gold production. Unlike the earlier 'Period One' issues struck out of commercial necessity to alleviate a shortage of small change, the pieces from this era were created primarily as souvenirs and keepsakes. By 1864, the United States was deep in the throes of the Civil War, and the San Francisco Mint was producing ample federal coinage for the West Coast. The demand for private fractional gold for circulation had evaporated. However, the romance of the Gold Rush lingered, and jewelers capitalized on this by creating miniature gold coins for tourists, collectors, and those wishing to send a small, novel piece of California's wealth back East. The passage of the Coinage Act of April 22, 1864, explicitly outlawed private coinage, making the continued production of such pieces technically illegal. This act was a federal response to the proliferation of private tokens and coins, particularly copper Civil War tokens in the East, which were seen as undermining the national currency system. While the law was aimed broadly, it directly impacted the makers of California Fractional Gold. However, enforcement by the Secret Service in distant California was not immediate or stringent, allowing producers like Robert B. Gray & Co. to continue striking these denominated 'coins' for a time before transitioning to undenominated 'tokens' or 'charms' in later years to circumvent the law. The BG-1327, therefore, represents one of the last waves of denominated fractional gold pieces struck in a legally gray area, a testament to the enduring legacy of the Gold Rush and the entrepreneurial spirit of San Francisco's jewelers.
Associated EventAmerican Civil War / Post-Gold Rush Era
Reason For MintingPrimarily struck as a souvenir or collectible item for the tourist trade, not for general circulation.
Minter HistoryRobert B. Gray & Co. was a San Francisco-based firm of jewelers and successors to Antoine Nouizillet, another prominent maker of fractional gold. Active during the 1860s, they were one of the more prolific issuers of 'Period Two' California Fractional Gold, producing a variety of denominations and designs that appealed to the public's fascination with the Gold Rush.
Historical SignificanceThis coin is a numismatic artifact from a transitional period. Struck in the year a federal law forbade private coinage, it represents the tail end of a uniquely American financial phenomenon born from the Gold Rush. Its existence as a souvenir rather than a necessity coin reflects the economic maturation of California and the shift from a frontier economy to a more established society.
N/A
DenominationG$1
Minting Period1864
Assayer/MinterRobert B. Gray & Co.
Geographic OriginSan Francisco, California
Obverse DescriptionA small Liberty Head facing left, similar in style to the contemporary federal gold dollars designed by James B. Longacre. The portrait is surrounded by thirteen six-pointed stars.
Obverse InscriptionLIBERTY (on coronet)
Reverse DescriptionThe denomination '1' and 'DOLLAR' are enclosed within a simple wreath of two branches tied by a bow at the bottom. The date '1864' is positioned below the bow.
Reverse Inscription1 DOLLAR 1864
CompositionGold
Stated Fineness Actual FinenessTypically varied from .500 to .750 fine gold, alloyed with silver and copper.
Weight0.49 grams
Diameter11.00 mm
EdgePlain
Unknown
Survival EstimateFewer than 75
Rarity ScaleR-5 (Very Scarce)
The BG-1327 is sought after for its connection to the Civil War era and as a product of the famous San Francisco jewelry firm Robert B. Gray & Co. Its status as a 'Period Two' issue makes it more affordable than the circulation-era 'Period One' pieces, offering a tangible link to the romantic legacy of the Gold Rush.
Key VarietiesNo major varieties are widely recognized for the BG-1327 regular issue. As a 'Period Two' piece, it was not a candidate for later official restrikes like some federal issues. All known examples are considered business strikes, though some may exhibit prooflike surfaces from polished dies used to enhance their appeal as souvenirs.
Authentication TipsGenuine pieces often exhibit a somewhat crude strike, especially on the stars and wreath details. The gold color can vary due to inconsistent alloying. Counterfeits are common and may be cast, showing a soapy or porous texture. They may also be overweight if made of a denser metal or underweight if gold-plated base metal. Pay close attention to the style of the numerals in the date and the lettering, comparing them to known genuine examples.
Shopping ConsiderationsA premium quality example for this issue is defined by a sharp strike, particularly on Liberty's hair details and the numerals of the date. Seek out coins with clean, original surfaces that have not been harshly cleaned or polished, as this was a common fate for jewelry pieces. A soft, attractive luster is highly desirable. Check carefully for evidence of having been mounted in jewelry, such as rim filing, solder marks, or edge damage, which are common and significantly reduce 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 TypesOriginal period issues were business strikes intended for the souvenir market, not for circulation. They are found in Circulated (1-58) and Mint State (MS, 60-70) grades. No official Proofs (PR/PF) were struck during the original period. The term 'Prooflike' (PL) is sometimes used for specimens with mirror-like fields, a result of polished dies used to enhance their saleability as novelties, but these are not true Proofs.
Mint State CharacteristicsUncirculated examples of BG-1327 often have a soft, slightly satiny luster rather than a hard, frosty one. The strike can be inconsistent; a well-struck example with full details on the central devices is rare and commands a premium. Due to their low intrinsic value and use as keepsakes, they are less likely to have heavy bag marks but may show small handling marks or friction from being kept with other objects.
Circulated Wear PatternsAlthough not intended for heavy circulation, wear on handled examples first appears on the high points of Liberty's hair above the ear and on her cheek. On the reverse, the highest points of the wreath's leaves and the bow will show initial friction and flattening. In lower grades (VF and below), the word 'LIBERTY' on the coronet and the finer details of the wreath will become indistinct.
Key Factors For ValueSurface quality is paramount; an example with original, un-scrubbed luster is far more valuable than a cleaned one. Strike sharpness is the next key factor, with well-defined central features being highly desirable. Eye appeal, driven by attractive original coloration and mark-free fields, significantly impacts value. Given the prevalence of counterfeits and altered pieces, certification by a major grading service (PCGS or NGC) is nearly essential for market acceptance. A CAC sticker for this issue indicates superior quality for the grade and carries a strong premium.