1878/6 G50C BG-952, DMPL (Regular Strike)
Obverse & Reverse
The 1878/6 50 Cents, cataloged as Breen-Gillio 952, is a quintessential example of a 'Period Two' California Fractional Gold piece. The story of these fascinating miniature coins begins with the chaos and opportunity of the California Gold Rush. Following the discovery of gold in 1848, a massive influx of population created a dire shortage of small-denomination coinage for daily commerce. Gold dust was cumbersome and unreliable, and the U.S. Mint in Philadelphia was too distant to provide an adequate supply of silver coins. To fill this void, private minters, mostly jewelers and assayers in San Francisco, began striking their own gold coins in quarter dollar, half dollar, and dollar denominations starting in 1852. These initial 'Period One' (1852-1857) issues were utilitarian and intended for circulation, though often underweight. By the late 1850s, the establishment of the San Francisco Mint had alleviated the coin shortage, rendering the private issues obsolete for commerce. However, a new market emerged. The California Gold Rush was a romantic and exciting chapter in American history, and people across the country and in Europe were fascinated by it. Enterprising jewelers recognized the demand for affordable souvenirs from the Golden State. This gave rise to the 'Period Two' issues (1858-1882), which were not intended to circulate but were instead marketed as keepsakes, charms, and jewelry. The BG-952 falls squarely into this latter category. Struck in 1878 from a die that had been altered from an 1876 date, this piece was a pure commercial product. Its makers were anonymous craftsmen, likely operating in one of the many small jewelry shops in San Francisco. Their focus was on novelty and eye-appeal rather than intrinsic value or monetary function. The use of polished dies, which resulted in Proof-Like and Deep Mirror Proof-Like (DMPL) surfaces, was a deliberate technique to make the tiny gold pieces flashy and attractive to buyers. The overdate itself (8/6) was a measure of economy, allowing the minter to reuse a perfectly good die. The Coinage Act of 1864 had made private coinage illegal, but the law was not strictly enforced against these small, low-value tokens until the Secret Service cracked down in 1883, bringing the era of California Fractional Gold to a definitive close. Today, the BG-952 is a prized collectible, valued not for its monetary power in the 19th century, but for its rarity, its direct connection to the souvenir trade of post-Gold Rush California, and the intriguing story told by its overdated die and deeply mirrored surfaces.
Associated EventCalifornia Gold Rush Aftermath & Souvenir Trade
Reason For MintingProduced as a novelty souvenir item for tourists and collectors, not for monetary circulation.
Minter HistoryThe minter of BG-952 is unknown, as is common for many 'Period Two' California Fractional Gold pieces. Unlike some earlier issues that bear initials (e.g., 'FD' for Frontier & Deviercy, or 'G' for Robert Gray & Co.), this variety is anonymous. It was produced by one of the numerous jewelers or private minters active in San Francisco in the 1870s who capitalized on the national fascination with the Gold Rush by creating attractive, low-cost keepsakes. These craftsmen operated small-scale operations and their identities are now lost to history.
Historical SignificanceThis coin is historically significant as a tangible artifact of the commercialization of the Gold Rush legend. It represents the shift in private gold coining from a necessity of commerce (Period One) to a profitable souvenir trade (Period Two), reflecting California's evolving economy and its burgeoning identity as a tourist destination. The overdate and DMPL finish highlight the frugal yet flashy manufacturing techniques of the era's private token makers.
N/A
Denomination50 Cents
Minting Period1878
Assayer/MinterUnknown Private Minter
Geographic OriginSan Francisco, California
Obverse DescriptionAn Indian Head portrait facing left, reminiscent of the design used on U.S. Gold Dollars and Three-Dollar pieces. The portrait is surrounded by thirteen six-pointed stars. The date, 1878 with a clear 8 punched over a 6, is positioned below the truncation of the neck. The entire design is enclosed within a beaded border on an octagonal planchet.
Obverse Inscription1878/6
Reverse DescriptionThe denomination '1/2' is in the center, enclosed within a wreath of two olive branches. The wreath is tied at the bottom with a bow. The legend 'CALIFORNIA GOLD' appears outside the wreath at the top. The design is enclosed within a beaded border.
Reverse InscriptionCALIFORNIA GOLD 1/2
CompositionGold
Stated FinenessNot stated on the coin.
Actual FinenessVariable, but Period Two issues are typically of lower fineness than federal coinage, often ranging from 14 to 21 karats (.583 to .875 fine). The intrinsic value was significantly less than the 50-cent face value.
Weight0.25 grams
Diameter10.00 mm
EdgePlain
Unknown, but presumed to be very small.
Survival Estimate31-75 known specimens.
Rarity ScaleR-5+
The BG-952 is highly sought after for several reasons: it combines the popular Indian Head motif with the desirable octagonal shape, it features a clear and dramatic 1878/6 overdate, and it is a significant rarity (R-5+). The existence of high-quality examples with Deep Mirror Proof-Like (DMPL) surfaces adds another layer of appeal, attracting collectors who prize superb eye appeal and manufacturing artifacts.
Key VarietiesThe primary variety is the 1878/6 overdate itself. The underlying '6' is clearly visible within the loops of the '8'. No major distinct die states or subsequent restrikes from the original period are widely recognized for the BG-952 die pair. All known examples are considered original business strikes, though they were produced with souvenir intent.
Authentication TipsGenuine examples are very thin and lightweight. The strike is often somewhat soft, particularly on the high points of the Indian's hair and the center of the wreath. The 8/6 overdate should be carefully examined; on genuine pieces, the top loop of the 6 is visible inside the top loop of the 8, and the spine of the 6 is visible within the right side of the 8. Replicas are often thicker, have a soapy or cast-like appearance, incorrect weight, or feature a bear on the reverse, which is never present on genuine denominated Period One or Two issues. Genuine pieces must have a denomination (e.g., '1/2', 'DOLLAR', 'CENTS').
Shopping ConsiderationsA potential buyer should prioritize surface originality and strike. For a DMPL specimen, the reflectivity must be deep and clear from at least six inches away, as defined by PCGS. However, this reflectivity must be balanced against the strike; a premium quality example will exhibit unusually sharp details on the Indian's cheek, headdress feathers, and the wreath's bow, which are often weak. The fields should be free of distracting marks, scratches, or cleaning hairlines that would impair the mirrored effect. Given the softness of the gold, even minor contact marks can be significant. Avoid examples that have been used as jewelry, evidenced by solder marks or rim damage. A CAC sticker on a DMPL example of this variety would indicate superior quality for the grade and command a substantial 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 were business strikes intended for the souvenir market. They are found in both Circulated (1-58) and Mint State (MS, 60-70) grades. No true Proofs were struck. However, because the dies for these 'jeweler's issues' were often highly polished to create maximum eye appeal, many surviving Mint State examples exhibit reflective surfaces and are designated as Proof-Like (PL) or, in exceptional cases like the coin specified, Deep Mirror Proof-Like (DMPL). These PL and DMPL coins are not a different type of issue but rather a desirable quality of the original business strikes.
Mint State CharacteristicsUncirculated examples of BG-952 are defined by their surface quality and strike. The strike is characteristically weak in the center; a sharp strike on the Indian's cheek and the wreath is rare and desirable. The luster on non-PL examples is typically subdued. For a DMPL coin, the key is the depth and clarity of reflection in the fields. These fields often show fine die polishing lines under magnification. Due to the highly polished dies and soft planchets, even high-grade MS examples can show minor planchet imperfections or minute handling marks that occurred at the time of manufacture or shortly thereafter.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, check for flatness on the Indian's cheekbone, the eyebrow, and the tips of the highest feathers in the headdress. On the reverse, wear is first evident on the leaves of the wreath and the loops of the bow. In lower grades (VF and below), the stars and peripheral lettering will show significant wear and begin to merge with the fields.
Key Factors For ValueFor the 1878/6 BG-952, value is driven by a hierarchy of factors. The absolute grade (the 1-70 number) is primary. Second is surface preservation; an example with original, undisturbed surfaces will always be worth more than a cleaned or polished one of the same grade. Third, the strike quality adds a significant premium, with sharply struck pieces being rare. Finally, the DMPL designation elevates the coin to the highest tier of desirability and value. A coin that combines a high numerical grade, a sharp strike, and deep, clean mirrored fields is the ultimate prize for a specialist. A CAC sticker validating the quality for the grade provides a further, often substantial, premium.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 64 | $1,550.00 | N/A |
| 64+ | $1,675.00 | N/A |
| 65 | $1,900.00 | N/A |
| 65+ | $2,750.00 | N/A |
| 66 | $3,500.00 | N/A |
| 66+ | $4,000.00 | N/A |
| 67 | $5,250.00 | N/A |