(1864) $1 BG-1328 (Regular Strike)
Obverse & Reverse
The 1864 BG-1328 Dollar is a numismatic artifact from the second phase of California Fractional Gold production, a period running from 1858 to 1882. Unlike the 'Period One' (1852-1857) issues, which were struck with a plausible commercial intent to alleviate a severe shortage of small change during the initial Gold Rush boom, Period Two pieces were of a fundamentally different character. By 1864, the San Francisco Mint was in full operation, supplying the region with ample federal silver and gold coinage. The acute need for private small-denomination gold had vanished. Instead, these later issues, often lighter and of more varied artistic quality, were created by jewelers primarily as souvenirs, keepsakes, and novelty items for tourists and locals captivated by the romance of the Gold Rush. Struck in the midst of the American Civil War, the BG-1328's creation reflects a local California economy that, while prosperous, was increasingly integrated into the national framework. The Coinage Act of April 22, 1864, passed in the same year this piece was dated, explicitly outlawed the private issuance of coinage. While this federal law was not aggressively enforced in California by the Secret Service until the early 1880s, it cast a long shadow over the legitimacy of these pieces and marked the beginning of the end for the genre. The makers of Period Two fractionals were no longer assayers filling a vital monetary gap, but rather artisans and businessmen capitalizing on a trend. The pieces were often made using the hammer method, resulting in crude strikes and inconsistent quality. Most Period Two issues, including the BG-1328, are anonymous, lacking the identifying initials of their makers, further distinguishing them from their Period One predecessors and shrouding their specific origins in mystery. Their modern significance lies in their extreme rarity and their status as relics of a transitional period in California's economic and cultural history.
Associated EventCalifornia Gold Rush (Later Souvenir Period)
Reason For MintingPrimarily created as a souvenir or piece of jewelry during a period when the original commercial need for such coins had ceased.
Minter HistoryThe minter of BG-1328 is unknown, a common trait for many Period Two California Fractional Gold pieces. Production during this era was dominated by various San Francisco jewelers who often did not sign their work. Unlike Period One minters such as Deriberpe or Nouizillet, or even some Period Two makers like Robert B. Gray & Co. (who used a 'G' mintmark), the creator of this specific variety remains anonymous. These jewelers operated in a legally gray area, producing pieces that mimicked coinage but were understood to be tokens or charms.
Historical SignificanceThe BG-1328 represents the evolution of California Fractional Gold from a necessary form of currency to a commercial souvenir. Its issuance in 1864 coincides with the federal law that would eventually end private coinage, making it one of the last legally ambiguous issues. Its immense rarity today makes it a key variety for specialists, illustrating the limited production and ephemeral nature of these later-period gold tokens.
N/A
Denomination$1
Minting Period1864
Assayer/MinterAnonymous Jeweler
Geographic OriginSan Francisco, California
Obverse DescriptionFeatures a Liberty Head portrait facing left, surrounded by thirteen stars. The date, 1864, appears below the bust. The specific style of the bust, hair, and stars is a key diagnostic for the variety.
Obverse Inscription1864
Reverse DescriptionA wreath of two branches tied with a ribbon at the bottom encircles the denomination '1 DOLLAR'. The specific arrangement and style of the leaves, berries, and bow are unique to this die pairing.
Reverse Inscription1 DOLLAR
CompositionGold
Stated Fineness Actual FinenessVariable, but typically lower than federal coinage of the era, ranging from .500 to .850 fine. Period Two pieces are known to be underweight for their face value.
EdgePlain
Extremely low; likely a few dozen at most.
Survival EstimateFewer than 5 known. Some sources state as few as 4.
Rarity ScaleR-8 (3-4 known)
The BG-1328 is a landmark rarity in the California Fractional Gold series. Its appeal stems from its near-unobtainable status, its Civil War date, and its position as a Period Two dollar, which are scarcer than the smaller denominations. It is a trophy coin sought by the most advanced specialists.
Key VarietiesThe BG-1328 is a unique die marriage ('variety') in itself. No major variations from its original 1864 minting are known. Given their nature as souvenir tokens, no proof or special presentation strikings were created during the period of issue. Later restrikes or copies by figures like Herman Kroll are not known for this specific BG number, but collectors must be wary of modern replicas that plague the Cal Gold series.
Authentication TipsAuthentication of any genuine California Fractional Gold piece, especially a rarity like BG-1328, requires expert examination. Key indicators include: 1) Presence of a denomination ('DOLLAR') – souvenir tokens made after 1883 are typically non-denominated. 2) Correct weight and gold fineness – Period Two pieces are characteristically underweight, but modern forgeries are often brass or thinly plated. 3) Fabric and strike – Genuine pieces were often crudely struck by hammer, showing softness in some areas, planchet striations, and a generally 'thin' feel. Modern fakes are often sharply struck with uniform, lifeless surfaces. 4) Specific die markers – Comparison to a known genuine example (if an image can be found) to match the exact positioning of the date, stars, and wreath elements is essential.
Shopping ConsiderationsAcquiring a BG-1328 is a major numismatic event. Any potential offering must be approached with extreme caution and skepticism. A 'premium quality' example would simply be one that is identifiable and free of major damage or impairment. Given the rarity, any specimen, regardless of grade, is significant. Buyers must insist on certification from a top-tier grading service (PCGS or NGC) that specifically attributes the coin as 'BG-1328'. One of the few known specimens was reported stolen, so provenance and clear title are paramount. Look for characteristic softness of strike, but avoid examples with excessive corrosion, harsh cleaning, or evidence of being mounted in jewelry, as was common for these pieces.
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 (1864) BG-1328 coins are considered business strikes, though they were intended as souvenirs rather than for circulation. They are found in Circulated (1-58) and, more commonly for Period Two issues, Mint State (MS, 60-70) grades. No proofs were struck during the original period of issue, and no later-date collector restrikes are known to exist for this specific variety.
Mint State CharacteristicsAn uncirculated BG-1328 would be defined by its luster and lack of wear. However, due to the crude hammer-striking method, a Mint State example is still likely to show significant technical imperfections. Expect a weak or incomplete strike, particularly on the high points of Liberty's hair and the center of the wreath. Planchets were often unrefined, so natural striations or minor flaws are common and should not be confused with wear or damage. Luster is typically soft and satiny rather than deeply prooflike.
Circulated Wear PatternsOn a circulated example, wear would first appear on the highest points of the design. For the obverse, this includes Liberty's cheek, the hair just above the ear, and the tips of the coronet. On the reverse, the high points of the wreath's leaves and the bow would show the first evidence of friction. In lower grades, the finer details of the hair and leaves would merge, and the legends would begin to soften.
Key Factors For ValueFor a great rarity like BG-1328, the primary value driver is simply existence and authenticity. However, among the handful of known specimens, value is determined by: 1) Surface Preservation: An example with original, uncleaned surfaces and minimal contact marks is vastly superior. 2) Strike Quality: While always somewhat weak, a specimen with a sharper-than-average strike, showing more detail in the hair or wreath, would command a significant premium. 3) Eye Appeal: Coins with attractive, original golden toning are highly prized. Conversely, specimens that are scratched, bent, corroded, or show evidence of having been mounted in jewelry will be valued significantly lower. A CAC sticker would provide a strong endorsement of quality for the assigned grade.