1863 G$1 BG-1307 (Regular Strike)
Obverse & Reverse
The 1863 BG-1307 octagonal gold dollar is a quintessential example of 'Period Two' California Fractional Gold. The history of these fascinating private issues is rooted in the chaos and opportunity of the California Gold Rush. Following the discovery of gold at Sutter's Mill in 1848, a massive influx of prospectors and merchants created a booming economy on the West Coast, but one that was severely hampered by a chronic shortage of small-denomination coinage for daily transactions. Initially, gold dust and small nuggets were used, but this was imprecise and inconvenient. From 1852, private jewelers and assayers began striking their own quarter, half, and dollar coins from native gold. These early 'Period One' issues (1852-1858) were generally of good weight and intended to circulate. However, by the time the BG-1307 was produced, the nature of fractional gold had changed. The U.S. Mint in San Francisco had been in operation since 1854, alleviating the immediate currency shortage. Fractional gold pieces transitioned from utilitarian currency to popular souvenirs and keepsakes for tourists and those wishing to send a small, affordable piece of California's wealth back east. These 'Period Two' (1859-1882) issues, often called 'jeweler's pieces,' were typically underweight and featured more fanciful designs. The passage of the private coinage act on June 8, 1864, made such pieces illegal, but enforcement was lax until the early 1880s. Many Period Two pieces, including those dated 1863 like the BG-1307, were likely struck after the 1864 law, using back-dating to feign legality. They were produced in large quantities as novelty items, a practice that continued until the government finally cracked down in 1883. The BG-1307's existence is a direct reflection of this second phase of fractional gold, representing not a coin born of necessity, but a memento of the enduring allure of the Gold Rush.
Associated EventCalifornia Gold Rush
Reason For MintingPrimarily created as a popular and easily transportable souvenir for tourists and locals, rather than to alleviate a coinage shortage which had been resolved by this period.
Minter HistoryThe specific minter of BG-1307 is unknown, a common trait for 'Period Two' issues. These coins were produced by a variety of San Francisco-based jewelers and artisans who saw a commercial opportunity in the souvenir trade. Unlike the more prominent assayers of the early 1850s, these minters were often anonymous, operating small-scale stamping operations. Their primary business was jewelry, and the creation of these gold tokens was a lucrative sideline. Their workmanship varied, often resulting in crudely struck pieces, but their collective output forms the vast and compelling series of California Fractional Gold that is studied today.
Historical SignificanceThe BG-1307 is significant not as a circulating coin, but as a tangible artifact of the commercialization of the Gold Rush mythos. It represents the transition of fractional gold from a practical medium of exchange to a nostalgic souvenir, illustrating how California's gold production became a cultural phenomenon and a driver of tourism and novelty goods. Its likely post-1864 striking also makes it an example of the casual defiance of federal coinage laws during that era.
BG-1307
Denomination$1
Minting Periodc. 1863-1871
Assayer/MinterUnknown San Francisco Jeweler-Minter
Geographic OriginSan Francisco, California
Obverse DescriptionA head of Liberty, facing left, with a plain coronet. She is surrounded by thirteen six-pointed stars, with the date 1863 centered below the truncation of the neck.
Obverse Inscription1863
Reverse DescriptionA delicate wreath composed of two branches tied with a bow at the bottom. Inside the wreath, the denomination is expressed on two lines, '1' above 'DOLLAR'.
Reverse Inscription1 DOLLAR
CompositionGold
Stated Fineness Actual FinenessVariable, often below the .900 standard of federal coinage.
EdgePlain
Unknown
Survival Estimate76-200
Rarity ScaleR-4
This variety is popular as a representative example of a 'Period Two' octagonal dollar. Its appeal lies in its classic Liberty Head design, affordability relative to rarer varieties, and its connection to the romantic history of the California Gold Rush. The existence of the 'Kroll Hoard' means that high-quality, uncirculated examples are more accessible than for many other varieties.
Key VarietiesThe primary variety of note is the BG-1307A, a restrike made by numismatist Herman Kroll circa 1906, reportedly using some of the original tooling. These restrikes are themselves collectible but are distinguished from the original strikes by subtle differences in strike characteristics and surface texture. Collectors should also be aware of the 'Kroll Hoard,' a small group of original BG-1307s discovered by Kroll. Examples pedigreed to this hoard, often noted on NGC holders, are prized for their typically high grade and original luster.
Authentication TipsAuthentic BG-1307 pieces from the period should exhibit die characteristics consistent with known examples. They often have a slightly crude, hand-struck appearance. Be wary of modern replicas which are often brassy in color, have mushy details, and may show casting bubbles or tooling marks. Compare the coin's style of engraving, particularly the shape of the numerals and letters, to certified examples. The distinction between an original and a Kroll restrike (BG-1307A) can be difficult and often requires expert examination.
Shopping ConsiderationsFor a premium quality example, look for a sharp strike, especially on the stars, Liberty's hair details, and the letters in the wreath. Luster is key; many uncirculated examples from the Kroll Hoard possess a vibrant, frosty luster. Original 'skin' with a deep, reddish-gold or orange-peel texture is highly desirable. Avoid examples that are obviously cleaned, showing hairlines or an unnaturally bright, polished look. Check for edge bumps and rim bruises, as these tiny coins were easily damaged. A specimen with a CAC sticker would indicate superior quality and eye appeal 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 period issues of BG-1307 were business strikes, although their intended purpose was more for souvenir sales than circulation. They are found in all Circulated grades (AG-3 to AU-58) and in Mint State (MS-60 to MS-70). No proofs were struck during the original period of issue. Later-date prooflike restrikes (the BG-1307A) exist and are a distinct collectible, but they should not be confused with original business strikes.
Mint State CharacteristicsAn uncirculated BG-1307 will vary in quality. The strike can be inconsistent; some are sharply detailed while others show softness on the high points of Liberty's hair and the leaves of the wreath. Luster is a defining feature, typically satiny or frosty. Specimens pedigreed to the 'Kroll Hoard' are known for their superb, vibrant luster. Due to the small size and method of production, even high-grade examples may show minor planchet imperfections or die polish lines. Contact marks are common but should not be overly distracting.
Circulated Wear PatternsWear first appears on the highest points: Liberty's cheek, the hair above the ear and eye, and the coronet. On the reverse, the leaves in the wreath and the bow will show initial flatness. As wear progresses, the stars will lose their points and the letters of the denomination will become soft. In lower grades (VG and below), the date and stars may merge with the fields, and the wreath will be heavily worn down.
Key Factors For ValueFor the BG-1307, value is driven by several key factors. Firstly, surface preservation is paramount; a coin with original, uncleaned surfaces and vibrant luster will command a significant premium over a cleaned or dull specimen of the same grade. Secondly, strike quality matters; a sharply struck example with full details is always preferred. Thirdly, eye appeal, which encompasses toning (attractive, original reddish-gold hues are prized) and the absence of distracting marks, plays a major role. Finally, a pedigree to the Kroll Hoard or a CAC sticker can add a substantial premium, as they certify the coin as a premium-quality example for its grade.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 61 | N/A | N/A |
| 62 | $950.00 | 2 |