1868 G25C BG-745, PL (Regular Strike)
Obverse & Reverse
The 1868 G25C BG-745 is a product of the fascinating and complex period of California's post-Gold Rush economy. By the late 1860s, the initial frenzy had subsided, but gold dust and nuggets remained a cumbersome medium for small, everyday transactions. The federal government, despite operating a branch mint in San Francisco since 1854, failed to produce sufficient quantities of small-denomination silver coinage to satisfy the commercial needs of the burgeoning state. This chronic shortage created a vacuum filled by private minters, jewelers, and entrepreneurs who began striking small, denominated gold tokens, often called 'California Fractional Gold.' These pieces, ranging from 25 cents to one dollar, facilitated commerce and became an integral part of the region's currency. The BG-745 variety, attributed to the workshop of Robert B. Gray, is a quintessential example of this phenomenon. Struck in 1868, it features a distinctive and crudely engraved Liberty head, earning it the collector nickname 'Peacock' Liberty due to the high, upswept hairstyle. These pieces were not official government issues and their gold content often varied, sometimes being significantly less than their face value suggested, leading to contemporary accusations of being mere tokens or souvenirs. However, they were widely accepted in local trade out of sheer necessity. The federal government viewed these private issues with growing hostility, culminating in the Act of 1864 which criminalized the private minting of coins. Enforcement was initially lax, allowing production to continue for years, but by the early 1880s, increased federal pressure finally brought the era of California Fractional Gold to a close. Today, these miniature gold pieces are treasured by numismatists as tangible relics of a unique period in American monetary history, representing the ingenuity and frontier spirit of Gold Rush California.
Associated EventPost-California Gold Rush Economic Expansion
Reason For MintingA severe shortage of small-denomination federal coinage for daily commerce in California prompted private manufacturers to produce fractional gold tokens.
Minter HistoryRobert B. Gray was a prominent San Francisco manufacturing jeweler during this period. While his firm is not explicitly named on the coins, extensive numismatic research, particularly by Walter Breen and Robert D. Leonard, Jr., has attributed a large family of fractional gold pieces, including the BG-745, to his workshop based on shared design elements, letter punches, and style. Gray and his contemporaries operated in a legal gray area, producing pieces that served a vital economic function despite their unofficial status and the federal government's increasing opposition to private coinage.
Historical SignificanceThe BG-745, like other California Fractional Gold pieces, is historically significant as a physical artifact of a private monetary system that arose to meet a specific economic need unmet by the federal government. It illustrates the persistent economic isolation of the American West in the 19th century and the local solutions devised to overcome it. Numismatically, it represents a popular and complex collecting field, showcasing a wide variety of designs and manufacturers from a dynamic period of American history.
N/A
DenominationG25C (Gold 25 Cents)
Minting Period1868
Assayer/MinterRobert B. Gray & Co. (Attributed)
Geographic OriginSan Francisco, California
Obverse DescriptionA crudely rendered bust of Liberty facing right. Her hair is tied in the back with a ribbon and features a very high, upswept coiffure, which gives this variety its 'Peacock' nickname. Thirteen stars, often unevenly spaced and shaped, encircle the portrait. The date 1868 is below the bust.
Obverse Inscription1868
Reverse DescriptionThe denomination 1/4 DOLLAR is enclosed within a wreath of two oak branches tied at the bottom with a ribbon. The legend CALIFORNIA GOLD surrounds the wreath at the periphery.
Reverse Inscription1/4 DOLLAR CALIFORNIA GOLD
CompositionGold
Stated Fineness Actual FinenessVaries, but typically between .500 and .750 fine.
Weight0.25 grams
Diameter10.00 mm
EdgePlain
Unknown
Survival Estimate30-40 (Per PCGS CoinFacts)
Rarity ScaleR-6+
The BG-745 is highly sought after for its distinctive and charmingly primitive 'Peacock' Liberty design, its high rarity, and its connection to the romantic era of California's post-Gold Rush history. As a Period One issue (struck from 1852-1882), it is a genuine historical artifact used in commerce, distinguishing it from later souvenir pieces.
Key VarietiesThe primary variety is the BG-745 regular strike. There are no known major die varieties from the original minting period for this specific catalog number, nor are there any known later-date collector restrikes or patterns. The 'PL' designator in the input refers to 'Plain Liberty,' a classification within the Breen-Gillio catalog system, and does not denote 'Prooflike' for this issue.
Authentication TipsAuthentic BG-745 examples exhibit a specific style of crude engraving. The stars are often misshapen, and the letter punches match other pieces attributed to the same maker. Be wary of modern replicas, which are common. These fakes often have a soapy, cast-like appearance, incorrect weight, or details that are too sharp and uniform compared to genuine, crudely struck originals. The diagnostic high 'Peacock' hair is a key feature. Authentication by a major grading service (PCGS, NGC) is highly recommended.
Shopping ConsiderationsA premium quality example of BG-745 will show a relatively sharp strike for the issue, with clear definition in Liberty's hair and the leaves of the wreath. Many examples are weakly struck, particularly on the date and peripheral legends. Look for pieces with smooth, original surfaces and a pleasing, undisturbed luster. Avoid examples that have been harshly cleaned, polished, or mounted in jewelry, as this is common for the type and severely impacts value. Porosity or planchet flaws can be present but should not be overly distracting. Strong eye appeal, defined by a good strike and clean surfaces, commands a significant 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 TypesOriginal period issues like BG-745 were business strikes intended for circulation and are found in Circulated (AU-58 and below) and Mint State (MS, 60-70) grades. No Proofs were struck during the original period of issue. Any piece claiming to be a 'Proof' would be a modern creation or a misattribution; the highest quality known are typically Mint State examples with reflective surfaces that might be designated 'Prooflike' (PL) by grading services, but these are not true Proofs.
Mint State CharacteristicsUncirculated examples of BG-745 are rare. A typical MS example will display a soft, satiny luster, sometimes with slightly reflective fields. The strike is almost always somewhat weak in areas; a coin with a full strike on the date, stars, and wreath is highly desirable. Due to the small size and manufacturing process, planchet quality varies, and small, inherent flaws may be present. Contact marks are common but should not be large or distracting on a high-grade specimen.
Circulated Wear PatternsWear first appears on the highest points of the design: the hair above Liberty's eye and ear, and her cheek. On the reverse, the high points of the wreath's leaves and the bow will show the first signs of friction. In lower circulated grades (VF and below), the date and the individual letters in the legends will become soft and begin to merge with the fields.
Key Factors For ValueFor the BG-745, the primary value drivers are grade and surface quality. An example with minimal marks, original skin, and a lack of harsh cleaning will be worth multiples of a cleaned or damaged coin in the same technical grade. Strike sharpness is a major consideration; well-struck examples with full details are prized and command a significant premium. Eye appeal, encompassing toning (often a pleasant orange-gold hue) and overall visual harmony, is critical. A CAC sticker for this issue is a strong endorsement of quality for the grade and will add a substantial premium, as it confirms the coin is a superior example.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 64+ | $5,000.00 | 1 |
| 65 | N/A | N/A |