1870 G50C BG-1047 (Regular Strike)
Obverse & Reverse
The 1870 BG-1047 50-cent piece emerges from the second major phase of California's private gold coinage, a period numismatists designate as 'Period Two' (1859-1882). By this time, the acute shortage of small change that characterized the initial Gold Rush boom had been somewhat alleviated by the output of the San Francisco Mint, which opened in 1854. However, the public's fascination with gold, coupled with a lingering need for fractional currency in localized commerce, sustained a market for these diminutive gold pieces. Unlike the 'Period One' issues, which were struck with the primary intent of serving as circulating money, Period Two coins were largely the work of jewelers and artisans. They were produced under a legally gray cloud following the Coinage Act of 1864, which prohibited private coinage. Enforcement was lax until the early 1880s, allowing these 'jeweler's issues' to flourish. They served a dual purpose: as souvenirs for tourists and returning '49ers' wishing to send a piece of the Golden State home, and as a convenient, if underweight, medium of exchange in small transactions. The BG-1047, often nicknamed the 'Goofy Head' for its crude, almost cartoonish rendering of Liberty, is emblematic of this era. Struck by an anonymous maker, it was likely produced in a small back-alley workshop in San Francisco. The light weight and variable fineness of these pieces were a quiet acknowledgment of their semi-illicit status; they contained enough gold to be desirable, but not so much that their face value was met according to federal standards. Their existence speaks to a unique economic environment where the allure of gold and the practicality of commerce intersected, creating a fascinating and complex chapter in American numismatics. Their eventual suppression by the Secret Service in the early 1880s marked the end of private coinage in the United States, cementing their status as historical relics of a bygone era.
Associated EventPost-California Gold Rush Economic Expansion
Reason For MintingTo provide small-denomination currency for local commerce and to serve as popular gold souvenirs at a time when federal coinage was still not fully saturating the West Coast.
Minter HistoryThe minter of BG-1047 is unknown and is referred to in the Breen-Gillio reference as 'Unknown Maker C' or a 'Maverick.' This anonymity was common during 'Period Two' of California Fractional Gold production. Many pieces from this era were struck by jewelers who operated on the fringes of the law, as the Private Coinage Act of 1864 had made such activities illegal. These producers often created their own distinctive but unsigned dies to mint small quantities of these gold tokens for quick sale and to avoid the scrutiny of federal authorities.
Historical SignificanceThe BG-1047 is a tangible artifact of the 'jeweler's period' of private coinage in California, representing the transition of fractional gold from necessary currency to popular souvenir. It highlights the persistent demand for gold in daily life and the entrepreneurial spirit of San Francisco artisans who operated in a legally ambiguous environment to meet that demand. Its crude design also reflects the non-industrial, ad-hoc nature of its production.
BG-1047
Denomination50 Cents
Minting Period1870
Assayer/MinterUnknown Maker C (Maverick)
Geographic OriginSan Francisco, California
Obverse DescriptionA crudely engraved bust of Liberty facing right, with hair tied in a bun. The portrait is somewhat disproportionate, lending it the collector nickname 'Goofy Head'. The field is surrounded by thirteen stars, and the date '1870' appears below the bust.
Obverse Inscription1870
Reverse DescriptionThe denomination '1/2' is enclosed within a wreath of two olive branches tied with a ribbon at the bottom. Outside the wreath at the top is the word 'DOLLAR'.
Reverse Inscription1/2 DOLLAR
CompositionGold
Stated Fineness Actual FinenessVaries, generally lower than U.S. Mint standard.
EdgePlain
Unknown
Survival Estimate13 to 30 (Based on R-6 rating)
Rarity ScaleR-6
The BG-1047 is highly prized for its distinctive and charmingly crude 'Goofy Head' design, its high rarity (R-6), and its direct connection to the fascinating 'jeweler's period' of California's gold history. As a representative of a clandestine and anonymous mint, it carries an aura of mystery that adds to its appeal.
Key VarietiesThe BG-1047 is itself a distinct variety. No major sub-varieties, patterns, or official restrikes are known to exist from this private, anonymous maker. All known examples are considered regular business strikes from the period.
Authentication TipsAuthentic Period Two pieces like BG-1047 are always denominated with words like 'DOLLAR' or 'CENTS'; modern replicas often omit this and use 'CAL GOLD' or have a bear on the reverse. Genuine examples are typically very thin, sometimes as thin as a business card, and may show areas of weak strike due to their thinness and the crude minting process. Counterfeits are often thicker, heavier, and more uniformly well-struck. The surfaces of genuine pieces can sometimes exhibit fine, parallel die polishing lines or a slightly uneven texture. Professional authentication by PCGS or NGC is strongly recommended for this series.
Shopping ConsiderationsWhen acquiring a BG-1047, look for an example with the sharpest possible strike, especially on Liberty's portrait and the date. Surface quality is paramount; premium examples will exhibit original, undisturbed luster, often with reddish-gold or orange-peel toning. Avoid coins that have been harshly cleaned, polished, or mounted in jewelry, as this is common and drastically reduces value. Pay close attention to any mention of planchet flaws, but distinguish between post-minting damage and interesting original characteristics like unstruck areas, which can be a sign of authenticity. Given the rarity, even lower-grade, problem-free examples are sought after.
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 1870 BG-1047 coins are business strikes intended for souvenir sales and limited circulation, and are found in Circulated (1-58) and Mint State (MS, 60-70) grades. No Proof (PR/PF) examples were struck during the original period of issue, and no later-date official restrikes or collector issues are known to exist.
Mint State CharacteristicsAn uncirculated BG-1047 is a significant rarity. Quality is defined by the sharpness of the strike; many are weakly struck on the high points of Liberty's hair and the leaves of the wreath due to the thin planchets. Luster is typically satiny and can be somewhat subdued. Due to the softness of the gold and the crude production, even high-grade Mint State examples will often display minor planchet imperfections or small, scattered contact marks from handling.
Circulated Wear PatternsWear first appears on the highest points of the design: Liberty's cheek, hairline, and ear. On the reverse, the highest leaves of the wreath and the ribbon bow will show initial flatness. In lower grades (VF and below), the date and stars will begin to lose their sharpness, and the legends will become soft.
Key Factors For ValueFor the BG-1047, the primary value drivers are rarity and grade. A high-grade, problem-free example is exponentially more valuable than a circulated or damaged one. Beyond the numerical grade, 'eye appeal' is critical. An example with a bold strike for the variety, clean surfaces free of distracting marks, and attractive original toning will command a significant premium. A CAC sticker, indicating premium quality for the grade, is highly desirable for this issue and adds a substantial premium.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 45 | $225.00 | 2 |
| 45+ | $230.00 | N/A |
| 50 | $235.00 | 3 |
| 50+ | $240.00 | N/A |
| 53 | $250.00 | 1 |
| 53+ | $255.00 | N/A |
| 55 | $265.00 | 8 |
| 55+ | $270.00 | N/A |
| 58 | $280.00 | 8 |
| 58+ | $295.00 | N/A |
| 60 | $325.00 | 6 |
| 61 | $375.00 | 9 |
| 62 | $425.00 | 19 |
| 62+ | $475.00 | N/A |
| 63 | $575.00 | 8 |
| 63+ | $850.00 | N/A |
| 64 | $1,700.00 | 2 |
| 65 | N/A | N/A |