1870 G25C BG-760, PL (Regular Strike)
Obverse & Reverse
The 1870 BG-760 25 Cents is a numismatic artifact born from the lingering economic necessities and evolving social landscape of post-Gold Rush California. By 1870, the initial frenetic boom of the late 1840s and early 1850s had subsided, yet the state's economy remained dynamic and distinct from that of the eastern United States. The San Francisco Mint, opened in 1854, had addressed the dire shortage of large-denomination coinage, but a persistent lack of small change continued to plague daily commerce. Into this void stepped a number of private manufacturers, predominantly jewelers and artisans, who produced tiny, fractional-denomination gold pieces. These 'Cal Fracs' fall into three main periods, with the BG-760 being a quintessential example of 'Period Two' (1859-1882). Unlike the earlier Period One issues, which were crudely made and intended to genuinely circulate to alleviate the coin shortage, Period Two pieces were more refined and largely served as popular souvenirs and keepsakes. Jewelers like Robert B. Gray possessed the skills to create these miniature works of art, which were small enough to be enclosed in letters to family back east—a tangible, golden memento of California's promise. The Coinage Act of 1864 had technically made such private issues illegal, but enforcement by the Secret Service was lax in the West until 1883. This legal gray area allowed Gray and others to continue production. The BG-760 is a testament to this unique era; it was not a coin of the realm in the federal sense, but a privately issued token of value, legal ambiguity, and immense historical character, representing the transition of California from a raw frontier to a more settled, yet still independent-minded, society.
Associated EventPost-California Gold Rush Economic Development
Reason For MintingTo satisfy a continued demand for small denomination currency and, more significantly, to serve as popular souvenirs for locals and tourists.
Minter HistoryRobert B. Gray was a prominent San Francisco jeweler. He entered the fractional gold business around 1859 by purchasing the firm of another established producer, Antoine Louis Nouizillet. The initial 'G' found below the Liberty bust on his coins serves as his mint mark. Gray's issues are noted for being generally of higher weight and intrinsic value compared to many other Period Two pieces. His numismatic career concluded in 1871 when he sold his business to the California Jewelry Company, making his coin-producing period relatively brief and his surviving issues, particularly rare varieties like BG-760, highly sought after.
Historical SignificanceThe BG-760 represents the 'jeweler's issue' phase of California Fractional Gold, highlighting the dual role these pieces played as both commercial facilitators and souvenirs. Its extreme rarity underscores the small-scale, artisanal nature of its production and the low survival rate of these tiny, easily lost gold tokens. It is a tangible link to the workshops of San Francisco's 19th-century craftsmen and the unique economic conditions that allowed private coinage to persist long after it had ceased elsewhere in the nation.
BG-760
Denomination25 Cents
Minting Period1870
Assayer/MinterRobert B. Gray & Co.
Geographic OriginSan Francisco, California
Obverse DescriptionFeatures a Liberty Head facing left, with pointed curls in her hair. The date, 1870, is below the bust. Diagnostic features for this specific variety include a low '7' and an unusually tall '0' in the date. The initial 'G' for Robert B. Gray is present below the bust.
Obverse Inscription1870 G
Reverse DescriptionThe central design is the denomination '1/4' and 'DOLLAR' surrounded by a simple wreath. The word 'CAL' appears within the wreath above the fraction. According to Breen and Gillio, the reverse was struck from a stock, undated die that was also used for other 1870-71 quarter varieties.
Reverse InscriptionCAL 1/4 DOLLAR
CompositionGold
Stated Fineness Actual FinenessPeriod Two issues were typically of a lower fineness than the .900 standard of federal coinage, though Robert Gray's pieces were known to be of comparatively higher quality.
Weight0.24 grams
Diameter9.60 mm
EdgePlain
Extremely low, likely less than 100.
Survival Estimate5 to 7 known
Rarity ScaleR-7 (High)
The BG-760 is a premier rarity in the California Fractional Gold series, appealing to advanced specialists. Its allure comes from its extreme scarcity, its connection to the identified minter Robert B. Gray, and its distinct die characteristics. It represents the pinnacle of collecting for this fascinating and historic series.
Key VarietiesThe primary issue is the regular business strike, often found with prooflike surfaces due to the striking process on polished planchets. No later-date restrikes or special collector issues are known. The variety itself is a key diagnostic, defined by the unique 'low 7, tall 0' date on the obverse.
Authentication TipsThe key diagnostic is the unique date format: a low '7' and a tall '0'. Furthermore, a peculiar die artifact provides a crucial authentication point: two shallow, circular 'ghost' depressions are present on the lower obverse field on most known examples. These are not damage, but a feature of the die itself. Any genuine piece must also carry the 'G' initial below the bust. Counterfeits of fractional gold are common; authentic pieces have a sharp, albeit sometimes uneven, strike, whereas modern replicas often have a mushy or cast appearance and incorrect weight.
Shopping ConsiderationsFor a coin of this rarity, any example is a major acquisition. A 'premium quality' specimen would exhibit sharp details, particularly on the pointed curls of Liberty's hair and the reverse wreath. Given their manufacturing process, many examples exhibit prooflike or semi-prooflike fields; deep, clear reflectivity is highly desirable. Look for minimal contact marks, as the small size and soft gold make them susceptible to damage. Avoid examples that have been harshly cleaned, which would strip the original skin and luster. Most importantly, due to the presence of the known 'ghost' depressions, ensure they are correctly identified as a planchet or die flaw and not post-strike damage. Given the value and rarity, purchase is recommended only from major, reputable dealers or auction houses, and third-party certification from PCGS or NGC is essential.
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, although the careful production method used by jewelers often resulted in prooflike (PL) or deep mirror prooflike (DMPL) surfaces. Therefore, they are found in Circulated (1-58) and Mint State (MS, 60-70) grades. Due to their extreme rarity, even circulated examples are highly valued. No true Proofs were struck during the original period of issue, and no later-date Proof restrikes are known to exist.
Mint State CharacteristicsAn uncirculated BG-760 will show full luster, often with a bright, prooflike flash. The strike can be somewhat uneven, a common trait for hammered coinage; weakness is often seen on the reverse legends opposite the high relief of Liberty's bust. The highest quality examples will have a sharp strike on Liberty's hair and facial features. Small, as-made planchet flaws or die polish lines are common and do not detract significantly unless they are severe. Contact marks, even minor ones, can be distracting on such a small canvas.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes Liberty's cheek, the hair just above the ear, and the tips of the pointed curls. On the reverse, the high points of the wreath and the numerals of the fraction '1/4' will show the first signs of friction. In lower grades (VF and below), the date and the word 'DOLLAR' will start to become weak.
Key Factors For ValueWith only 5-7 examples known, rarity is the primary value driver. Beyond that, grade and surface quality are paramount. An example with sharp details and original, undisturbed prooflike surfaces will command a significant premium. Eye appeal is crucial; coins with a bright, gleaming yellow-gold appearance are favored over those that are dull or have been cleaned. The presence of a CAC sticker would signify premium quality for the assigned grade and would add a substantial premium, confirming both authenticity and superior eye appeal for this connoisseur-level rarity.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 63 | $7,750.00 | 1 |