1869 G25C BG-828, PL (Regular Strike)
Obverse & Reverse
The 1869 BG-828 25 Cents represents a fascinating chapter in American economic history, belonging to what numismatists classify as 'Period Two' of California Fractional Gold production (1859-1882). Unlike the earlier 'Period One' issues, which were struck out of genuine necessity to alleviate a severe shortage of small-denomination coinage during the initial Gold Rush, Period Two pieces were primarily created to satisfy a burgeoning souvenir and jewelry market. By 1869, the San Francisco Mint was in full operation, and the acute need for circulating private gold had subsided. Instead, local jewelers and entrepreneurs, many of whom were French immigrants, capitalized on the romantic allure of the Gold Rush by producing these miniature gold coins. These pieces were not intended to serve as legal tender but as mementos of California's golden age. The Coinage Act of 1864 had officially made private coinage illegal, but enforcement by the Secret Service was lax until the early 1880s, allowing this souvenir trade to flourish. The BG-828, like its contemporaries, was produced using relatively crude methods. Dies were hand-cut, and coins were often struck by the 'hammer method,' where a planchet was placed on a bottom die (anvil) and the top die was struck with a sledgehammer. This process resulted in significant variability in strike quality, with some pieces being sharply detailed while others were weak in areas. The existence of Prooflike (PL) and Deep Prooflike (DPL) specimens, such as the one requested, indicates that some minters used polished dies and planchets to create exceptionally attractive, mirrored examples specifically for collectors and the tourist trade, commanding a premium price even at the time of issue. These tiny gold pieces were lightweight and contained gold value significantly below their face value, making them a profitable venture for their makers and an affordable keepsake for buyers. Today, they are prized by collectors as tangible links to the post-Gold Rush era of American expansion and the entrepreneurial spirit of the West.
Associated EventCalifornia Gold Rush Aftermath
Reason For MintingPrimarily struck to be sold as souvenirs and keepsakes for the tourist and jewelry trade, capitalizing on the fame of the Gold Rush.
Minter HistoryWhile the specific maker of the BG-828 die pair is not definitively known, it is widely attributed to Robert B. Gray & Co. of San Francisco. Robert B. Gray was a prominent jeweler and a successor to Antoine Nouizillet, another major producer of fractional gold. Gray's firm was one of the most prolific minters during Period Two, and many varieties are identified with his work, sometimes bearing a small 'G' initial. His pieces are known for their relatively high-quality engraving and consistent production standards.
Historical SignificanceThe BG-828 is significant not as a circulating coin, but as a socio-economic artifact of its time. It represents the commercial transition of the Gold Rush from a frantic search for wealth into a romanticized historical event. These souvenir pieces demonstrate the era's entrepreneurial ingenuity and the public's fascination with gold, serving as the first widely collected numismatic souvenirs of the American West.
BG-828
Denomination25 Cents
Minting Period1869
Assayer/MinterUnknown (Attributed to Robert B. Gray & Co.)
Geographic OriginSan Francisco, California
Obverse DescriptionA classic Liberty Head design facing left, reminiscent of contemporary federal gold coinage but often of a more simplified or 'folky' style. The portrait is surrounded by 13 six-pointed stars, representing the original colonies. The date '1869' is positioned below the bust.
Obverse Inscription1869
Reverse DescriptionA wreath composed of two branches tied together at the bottom with a bow. Within the wreath, the denomination '25 CENTS' is inscribed. Outside the wreath, along the upper periphery, is the inscription 'CALIFORNIA GOLD'.
Reverse InscriptionCALIFORNIA GOLD / 25 CENTS
CompositionGold
Stated Fineness Actual FinenessVariable, but typically low for Period Two issues, often between 14 and 22 karats. The intrinsic gold value was intentionally less than the 25-cent face value.
EdgePlain
Unknown
Survival Estimate76-200 (The range for its rarity rating)
Rarity ScaleR-4+
This variety is sought for its classic Liberty Head design and its status as an affordable, tangible piece of Gold Rush history. The special appeal of Prooflike (PL) examples lies in their deeply mirrored fields and frosted devices, which give them a jewel-like quality far superior to that of a typical business strike.
Key VarietiesThe primary variety is the BG-828 business strike. No major sub-varieties from the period of issue are widely recognized. There are no known official restrikes, patterns, or trial pieces. The key distinction for collectors is the surface quality, with standard business strikes, Prooflike (PL) strikes, and Deep/DMPL strikes being the main differentiators in the market.
Authentication TipsGenuine pieces are very small and thin. They often exhibit a slightly crude or uneven strike, a characteristic of hammered coinage. The luster on PL examples should be vibrant and cartwheel, not dull or hazy. Beware of modern replicas, which are extremely common; genuine pieces will not have a bear on the reverse. Authentication by a major third-party grading service (PCGS or NGC) is highly recommended, as they will verify it against the Breen-Gillio reference.
Shopping ConsiderationsFor a premium quality PL example, look for deep, clean, and consistent mirrors in the fields. Frost on the devices (Liberty's portrait, stars, and lettering) should be evident and provide a strong cameo contrast. Strike weakness is common for the series, but a superior example will have sharp details on Liberty's hair and the leaves in the wreath. Avoid coins with distracting carbon spots, hairlines from improper wiping (very common on mirrored surfaces), or any evidence of having been mounted as jewelry, such as rim damage or solder marks.
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, technically intended for souvenir sales rather than circulation. They are found in Circulated grades (AU-50 to AU-58 are most common if handled) and Mint State (MS, 60-70) grades. The 'PL' (Prooflike) designation is given to MS coins that exhibit mirrored surfaces from being struck with polished dies. No true Proofs were struck. A 'PL' or 'DPL' designation on the holder from PCGS or NGC is a separate and highly desirable attribute, confirming its special collector-oriented production.
Mint State CharacteristicsA typical Mint State BG-828 has a soft, satiny luster. Strike is often average, with some weakness possible on the highest points of the design. Contact marks are common due to the softness of the gold. A Prooflike (PL) specimen is distinguished by its mirrored fields. The quality of a PL coin is judged by the depth and clarity of this reflectivity. Exceptional examples may achieve a Deep Prooflike (DPL or DMPL) designation if the mirrors are profound.
Circulated Wear PatternsAlthough not intended for heavy circulation, wear from handling first appears on the high points of Liberty's hair, cheek, and the bow on the reverse wreath. In lower grades (e.g., AU), the mirrored fields of a PL coin will be scuffed and hairlined, diminishing the reflectivity.
Key Factors For ValueFor a PL specimen, the primary value driver is the quality and depth of the mirrored surfaces. A coin with brilliant, watery fields and strong cameo contrast will command a significant premium. Strike sharpness is secondary but important; a full strike is rare and desirable. Eye appeal, including attractive original toning (often a light reddish-gold hue), is a major factor. A CAC sticker for this issue is highly valued, as it confirms premium quality for the assigned grade, especially regarding the integrity of the delicate prooflike surfaces.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 62 | N/A | 1 |