1864 G$1 BG-1326A (Regular Strike)
Obverse & Reverse
The 1864 G$1 BG-1326A is a fascinating and enigmatic product of the waning years of legitimate private coinage in California. Struck during the American Civil War, this piece emerged from a chaotic economic environment where federally issued coins remained scarce on the West Coast. The discovery of gold in 1848 had precipitated a massive influx of population and wealth, but the San Francisco Mint, established in 1854, struggled to produce enough small-denomination coinage to satisfy the needs of daily commerce. To fill this void, numerous private jewelers and metallurgists began striking their own small gold coins in quarter, half-dollar, and dollar denominations starting in 1852. These 'Period One' issues were generally of high purity and weight and served as a crucial circulating medium. However, by the late 1850s and early 1860s, a new wave of 'Period Two' issues appeared. These were often lighter, of lower fineness, and made primarily to be sold as souvenirs or novelties rather than to circulate at face value. The BG-1326A falls into this second period. Its creation is particularly audacious as it occurred in the very year that Congress passed the Coinage Act of April 22, 1864, which explicitly outlawed the issuance of private coins. This act was a direct response to the proliferation of private issues, including the lightweight fractional gold pieces, which the government viewed as a threat to its monetary authority. The minter of BG-1326A, whose identity is lost to history, was therefore operating in direct defiance of this new federal law, making the coin an act of commercial rebellion. These coins likely did not circulate widely, if at all, and were probably sold as keepsakes to merchants, travelers, and locals who were still captivated by the allure of the Gold Rush. Their diminutive size and gold content made them affordable mementos of California's unique economic story. Today, the BG-1326A is a very rare survivor, representing the final chapter of a uniquely American frontier enterprise.
Associated EventCalifornia Gold Rush
Reason For MintingPrimarily created as a souvenir or novelty item in response to a scarcity of small change, and struck in the year private coinage was outlawed.
Minter HistoryThe specific minter for the BG-1326A variety is unknown. Like many 'Period Two' California fractional gold producers, they were likely a San Francisco-based jeweler or craftsman with metallurgical skills. These minters operated with a degree of anonymity, especially as federal scrutiny increased, and often did not place their own identifying marks on their products. Their operations were typically small-scale, using hand-operated screw presses to strike the tiny coins.
Historical SignificanceThis coin is significant as it was struck in 1864, the year the U.S. Coinage Act made private minting illegal. It represents one of the last gasps of this uniquely Californian practice, bridging the gap between utilitarian circulating coinage and souvenir tokens. Its existence is a testament to the continued commercial demand and romantic appeal of private gold in the West, even in the face of federal prohibition.
N/A
DenominationG$1
Minting Period1864
Assayer/MinterUnknown Private Minter
Geographic OriginSan Francisco, California
Obverse DescriptionA small, crudely rendered bust of Liberty faces left, her hair tied in a bun. She is surrounded by thirteen stars, representing the original colonies. The date '1864' appears below the bust. The execution is typical of the less refined 'jeweler's issues' of the era.
Obverse Inscription1864
Reverse DescriptionThe reverse features the denomination '1 DOLLAR' within a wreath composed of two branches tied with a bow at the bottom. The wreath is simple and somewhat open at the top.
Reverse Inscription1 DOLLAR
CompositionGold
Stated Fineness Actual FinenessVariable, but generally lower than U.S. Mint standard, typical for Period Two issues.
EdgePlain
Unknown, but presumed to be very small.
Survival EstimateFewer than 15 known
Rarity ScaleR-7 (Very Rare)
The 1864 G$1 BG-1326A is highly sought after for its extreme rarity and historical context as a 'last of its kind' issue, struck in the year private coinage was outlawed. Its appeal lies in its defiance of federal law and its status as a tangible link to the closing days of the Gold Rush coinage era.
Key VarietiesNo major varieties are known for the regular BG-1326A issue from the minting period. No known patterns or official restrikes exist. Collectors should be aware that many souvenir tokens and replicas were produced in later years, often with backdates, but these are distinct from the original Breen-Gillio classified items and have no numismatic value.
Authentication TipsAuthentic examples often exhibit a crude, somewhat soft strike. The planchets are typically thin. Counterfeits are common and may appear too sharp, have incorrect weights, or display a soapy, cast-like surface. Diagnostics for BG-1326A are subtle and relate to the specific die characteristics, such as the shape of the '4' in the date and the positioning of the letters in 'DOLLAR' relative to the wreath. Comparison with high-resolution images of certified examples is essential.
Shopping ConsiderationsFor a coin of this rarity, any example is a major acquisition. A 'premium quality' example would be one that is well-centered and has a relatively sharp strike for the issue, particularly on Liberty's profile and the wreath details. Original, uncleaned surfaces are paramount; many surviving pieces have been cleaned or damaged due to their small size. Look for pleasing, undisturbed skin with original reddish-gold toning. Avoid pieces that are bent, holed, or show signs of being mounted in jewelry, as this is common for the type and drastically reduces 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 local commerce or sale as souvenirs, and are found in Circulated (1-58) and Mint State (MS, 60-70) grades. No Proofs were struck during the original period of issue, and there are no known later-date Proof restrikes for this specific variety. Any piece described as a 'Proof' should be regarded with extreme suspicion.
Mint State CharacteristicsAn uncirculated BG-1326A will typically show a soft, satiny luster rather than a frosty or prooflike one. The strike is almost always weak in the center, particularly on the highest points of Liberty's hair and the leaves of the wreath. Small, planchet-made adjustment marks or minor die cracks are not uncommon and do not necessarily detract from the grade. The tiny size makes them susceptible to handling marks, so a 'clean' surface is highly desirable.
Circulated Wear PatternsWear first appears on the high points of the design: Liberty's cheek, the hair above her ear, and the leaves at the top of the wreath. On the reverse, the bow and the letters of 'DOLLAR' will show initial friction. In lower grades (VF and below), the date and stars will begin to merge with the fields, and the individual leaves of the wreath will become indistinct.
Key Factors For ValueRarity is the primary driver of value for BG-1326A. Beyond that, surface preservation is key; an example with original, uncleaned luster will command a significant premium over a cleaned or polished one. Strike quality is also important; a coin with a sharper-than-average strike on the central devices is highly prized. Finally, eye appeal, which is a combination of color, luster, and mark-free surfaces, plays a major role. A CAC sticker on a certified example would provide strong confirmation of quality for the grade and add a substantial premium.