1871 G25C BG-765, DMPL (Regular Strike)
Obverse & Reverse
The 1871 G25C BG-765 represents a fascinating chapter in the evolution of California's privately issued gold coinage. By 1871, the initial, urgent need for small-denomination coinage that defined the 'Period One' (1852-1857) issues had largely subsided. The establishment and robust output of the U.S. Mint in San Francisco had supplied the region with ample federal silver and minor coinage, rendering the tiny, easily lost fractional gold pieces functionally obsolete for daily commerce. However, the romance of the Gold Rush and the unique appeal of miniature gold coins had created a new and enduring market: souvenirs and keepsakes. This coin is a quintessential 'Period Two' (1859-1882) or 'Jeweler's Issue,' produced not to fill a void in circulation, but to satisfy the demand from tourists, merchants, and citizens who desired a tangible memento of California's golden identity. These pieces were manufactured by numerous jewelers in San Francisco, often with a reduced gold content compared to their face value, making them profitable tokens. The BG-765, identified by the small letter 'G' on the obverse, was struck by the firm of Robert B. Gray & Co. Gray had astutely purchased the business and equipment of another prominent fractional gold producer, Antoine Louis Nouzillet, capitalizing on the established market. The production method for these tiny coins remained crude, typically involving a sledgehammer to strike the dies, which often resulted in inconsistent strike quality. The passage of the Coinage Act of 1864, which prohibited private coinage, was not rigorously enforced by the Secret Service in California until 1883. This legal gray area allowed jewelers like Robert Gray to continue producing denominated pieces throughout the 1870s. These coins were openly sold as charms and novelties, their existence a testament to the lasting cultural and economic impact of the Gold Rush, long after the frantic search for gold in the hills had settled into an organized industry.
Associated EventCalifornia Gold Rush (Later Souvenir Period)
Reason For MintingPrimarily created to be sold as souvenirs and keepsakes of the California Gold Rush era, rather than to alleviate a shortage of circulating coinage.
Minter HistoryRobert B. Gray & Co. was a prominent San Francisco jewelry firm active during the 'Period Two' era of fractional gold production. In the late 1850s, Gray strategically acquired the business of Antoine Louis Nouzillet, one of the pioneering minters of fractional gold, including his dies and striking equipment. Gray continued and expanded the practice, but marked his new issues with his own hallmark, the letter 'G', which appears on the obverse of BG-765 below the bust of Liberty. According to research by Breen and Gillio, Gray's issues are noted for being generally heavier and of higher intrinsic value than many other contemporary jeweler's issues, though still below their stated face value. The firm operated until 1871, the year this coin was struck, when Gray sold his interests to the California Jewelry Co. (Levison Bros.), marking the end of the 'G' marked fractional gold pieces.
Historical SignificanceThe BG-765 is historically significant as a prime example of the commercial transition of fractional gold from a circulating medium of necessity to a popular souvenir item. It represents the commodification of the Gold Rush legacy and the ingenuity of San Francisco's jewelers in creating a lasting numismatic collectible. Its 'G' mintmark provides a direct link to a specific, known assayer, Robert B. Gray, offering a clearer provenance than many of the anonymous issues of the period.
N/A
Denomination25 Cents
Minting Period1871
Assayer/MinterRobert B. Gray & Co.
Geographic OriginSan Francisco, California
Obverse DescriptionA left-facing Liberty Head, her hair tied in a bun. She is surrounded by nine five-pointed stars. The date '1871' is below the truncation of the neck, and the minter's hallmark, a small letter 'G', is positioned in the field between the date and the portrait.
Obverse Inscription1871
Reverse DescriptionThe denomination '1/4 DOLLAR' is inscribed within a wreath composed of two branches tied with a bow at the bottom.
Reverse Inscription1/4 DOLLAR
CompositionGold
Stated Fineness Actual FinenessVariable, typical for Period Two issues, generally ranging from 14 to 22 karats (.585 to .917 fine), with intrinsic value being less than face value.
Weight0.24 grams
Diameter9.60 mm
EdgePlain
Unknown, but considered relatively common for the series.
Survival Estimate501-1,250 (Based on R-3 Rarity Scale and combined PCGS/NGC population reports of over 200 graded examples).
Rarity ScaleR-3
This coin is popular due to its direct connection to the California Gold Rush, its charmingly diminutive size, octagonal shape, and the identifiable 'G' mintmark linking it to a known San Francisco jeweler. The potential for deeply mirrored, proof-like (DMPL) surfaces adds significant appeal for collectors who prize exceptional eye appeal.
Key VarietiesBG-765 itself is a specific die marriage. No major, contemporaneously-issued varieties, patterns, or official restrikes are known. The primary variations for collectors lie in the state of preservation and surface characteristics, such as Proof-Like (PL) and Deeply Mirrored Proof-Like (DMPL/DPL) examples, which are not distinct varieties but rather represent early strikes from fresh, polished dies.
Authentication TipsGenuine Period Two fractionals like BG-765 must have a denomination (e.g., '1/4 DOLLAR'). Replicas often say 'CAL GOLD' or have a bear on the reverse; genuine issues do not. Look for the small 'G' mintmark, which should match the style seen on authenticated examples. The strike can be weak in areas due to the crude hammer-striking method. Counterfeits may appear too perfect or have a soapy, cast-like texture. The thinness of the planchet is also a key characteristic; many fakes are too thick.
Shopping ConsiderationsFor a premium quality example, especially a DMPL, look for sharp, clear mirrored fields that contrast with frosted devices. A strong strike is paramount; check for full details on Liberty's hair and the leaves of the wreath, which are often weakly struck. Avoid coins that have been harshly cleaned, which can strip the original luster and create hairline scratches, or those that show evidence of being used as jewelry (solder marks, rim damage). Original, undisturbed surfaces with a slight reddish-gold toning command a premium. The distinction between a true DMPL and a merely 'shiny' coin is critical; seek examples certified by PCGS or NGC with the DMPL/DPL designation.
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 of BG-765 were business strikes, intended for sale as souvenirs. They are found in Circulated (1-58) and, more commonly, Mint State (MS, 60-70) grades. No true Proofs were struck during the original period of issue. The DMPL (Deeply Mirrored Proof-Like) or DPL designation is not a separate issue but a special surface characteristic of a business strike, resulting from the striking of regular planchets with highly polished dies. These command significant premiums and are highly sought after by collectors.
Mint State CharacteristicsAn uncirculated BG-765 often exhibits a soft, satiny luster. Strike quality is a key variable; many are weakly struck, particularly on the highest points of Liberty's hair bun and the bow on the reverse wreath. DMPL examples are characterized by deeply reflective, mirror-like fields, a feature of early strikes from polished dies. These coins are made of soft gold and are highly susceptible to contact marks; even high-grade examples may show tiny planchet flaws or ticks in the fields.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes the hair above Liberty's eye and ear, and the strands in her bun. On the reverse, the high points of the wreath's leaves and the bow will show initial flatness and loss of detail. On lower grade examples, the stars and legends will begin to weaken and merge with the fields.
Key Factors For ValueBeyond the numerical grade, the primary value driver is surface quality. An example with original, uncleaned surfaces and deep, watery mirrors (for DMPL examples) will sell for multiples of a standard MS piece. Strike quality is crucial; a sharply struck coin with full details is always preferred. Eye appeal, encompassing attractive toning and a lack of distracting marks, plays a major role. For a coin of this nature, a CAC sticker indicating premium quality for the grade provides a substantial boost in market value.