1864 25C BG-735 (Regular Strike)
Obverse & Reverse
The 1864 25C octagonal gold piece, cataloged as Breen-Gillio 735, represents a pivotal moment in the fascinating history of California's private coinage. Born from the acute shortage of small change that plagued the West during the Gold Rush, these tiny gold pieces initially served a vital role in commerce. By 1864, however, their purpose had largely shifted. The U.S. Mint in San Francisco was in full operation, and the immediate need for private issues had waned. Instead, these 'Period Two' (1859-1882) pieces, often called 'jeweler's issues,' were primarily produced as souvenirs and keepsakes, easily sent back East in letters as a tangible piece of the California adventure. The minter, Robert B. Gray & Co. of San Francisco, was a successor to the earlier jeweler and fractional gold pioneer Antoine Nouizillet, having purchased his business and dies around 1859-60. Gray & Co. produced pieces with both old and new dies, known for their characteristically crude but consistent style. The year 1864 is particularly significant as it marks the passage of the Coinage Act of April 22, which expressly forbade the private minting of coinage. While this law rendered pieces like the BG-735 technically illegal at the time of their creation, enforcement by the Secret Service was lax and not fully realized until the early 1880s. This allowed jewelers like Robert Gray to continue their production throughout the Civil War and beyond, satisfying a public demand for mementos of the Golden State. These later issues were often intentionally struck with lower gold content than their stated face value, a clear indicator of their non-monetary, souvenir purpose. The BG-735, therefore, is not just a coin, but a historical artifact from a period of transition, straddling the line between necessity-driven currency and commercial memorabilia, all while being produced under the shadow of new federal legislation.
Associated EventCalifornia Gold Rush
Reason For MintingPrimarily struck to be sold as a popular souvenir or keepsake from the California Gold Rush era, rather than to alleviate a coin shortage.
Minter HistoryRobert B. Gray & Co. was a San Francisco jewelry firm that became a notable producer of 'Period Two' California fractional gold. Around 1859-60, Gray purchased the business of Antoine Louis Nouizillet, one of the pioneer 'Period One' minters. Gray utilized Nouizillet's existing dies before creating his own, some of which bear a 'G' hallmark (though BG-735 does not). The firm's issues are known for a somewhat crude but distinctive style and were produced into the 1870s, long after the federal government had outlawed private coinage.
Historical SignificanceStruck in the year the Coinage Act outlawed private issues, the BG-735 exemplifies the 'suppressed jewelers' issues' that persisted due to high public demand for souvenirs and lax federal enforcement. It marks the evolution of fractional gold from a circulating medium of necessity to a commercial memento.
BG-735
Denomination25C
Minting Period1864
Assayer/MinterRobert B. Gray & Co.
Geographic OriginSan Francisco, California
Obverse DescriptionA crudely rendered Liberty Head facing left, surrounded by thirteen stars of varying quality. Liberty's hair is tied in a bun at the back. The date, 1864, is below the bust. The style is characteristic of Robert B. Gray & Co.'s private dies.
Obverse Inscription1864
Reverse DescriptionThe central device is a shield containing the fraction '1/4'. This is surrounded by a wreath of two branches tied with a bow at the bottom. The inscription 'CALIFORNIA GOLD' is outside the wreath, following the octagonal rim.
Reverse InscriptionCALIFORNIA GOLD 1/4
CompositionGold
Stated Fineness Actual FinenessVariable, but typically underweight for the denomination, consistent with Period Two jeweler's issues (often 14-22 karats).
Diameter9.60 mm
EdgePlain
Unknown
Survival Estimate46-60 (based on R-5 rating)
Rarity ScaleR-5
The BG-735 is sought after for its historic date, octagonal shape, and connection to the well-documented minter Robert B. Gray & Co. As a 'Period Two' issue, it is more affordable than the earlier circulating pieces, making it a popular entry point into the series for serious collectors.
Key VarietiesThere are no major recognized varieties or restrikes for the BG-735 itself. The Breen-Gillio reference work catalogs numerous other varieties of 25C gold pieces from 1864 by different makers or with different design elements, each with its own BG number. No patterns or trial pieces are known for this specific variety.
Authentication TipsGenuine examples exhibit the characteristic crude style of Robert B. Gray's workshop; stars may be uneven and details soft. The planchet is typically thin. Check for the correct reverse design with the fraction '1/4' inside a shield. Modern fakes are common; they often have a soapy or tool-marked appearance, incorrect weight, or may feature a bear on the reverse, which is never present on genuine 19th-century issues. All genuine Period Two issues must have a denomination (e.g., '1/4', 'DOLLAR', '25 CENTS').
Shopping ConsiderationsA premium quality example for its grade will show a relatively sharp strike for the issue, particularly on the central hair details of Liberty and the shield on the reverse. Seek out coins with smooth, lustrous surfaces and minimal contact marks, which are common due to the softness of the gold. Avoid examples that have been harshly cleaned, which strips the original 'skin,' or those that show evidence of being mounted in jewelry (solder marks, excessive rim damage). A strong, clear date is highly desirable as this area can be weakly struck.
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 issues of BG-735 were business strikes, although intended as souvenirs rather than for circulation. They are found in Circulated grades (1-58) and, more commonly, Mint State (MS, 60-70). The souvenir nature of these pieces means a higher percentage survived in uncirculated condition than their 'Period One' counterparts. No proofs were struck during the original period of issue, and there are no known later-date proof restrikes of this variety.
Mint State CharacteristicsUncirculated examples are defined by their luster, which is typically semi-prooflike or satiny. The strike is almost always somewhat soft, especially on the highest points of Liberty's hair and the stars. Planchet quality can be inconsistent, with minor striations or adjustment marks considered normal for the issue. Contact marks, even small ones, can have a significant impact on the grade due to the coin's tiny size.
Circulated Wear PatternsWear first appears on the high points of Liberty's cheek, ear, and hair bun. The eyebrow and lettering will also show early friction. On the reverse, the highest points of the shield and the leaves in the wreath will exhibit the first signs of wear. In lower circulated grades (VF and below), the date and stars will begin to merge with the fields.
Key Factors For ValueThe primary value drivers are grade and surface quality. An example with minimal marks and vibrant, original luster will command a significant premium. The sharpness of the strike is crucial; a well-struck piece with clear details is far more desirable than a weakly struck example of the same grade. Eye appeal, including attractive original reddish-gold toning, adds to the value. A CAC sticker is highly valued for this series, as it confirms both the grade and the quality of the surfaces for that grade.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 45 | $210.00 | 1 |
| 45+ | $215.00 | N/A |
| 50 | $220.00 | 5 |
| 50+ | $230.00 | N/A |
| 53 | $250.00 | 1 |
| 53+ | $260.00 | N/A |
| 55 | $275.00 | 7 |
| 55+ | $285.00 | N/A |
| 58 | $300.00 | 15 |
| 58+ | $325.00 | N/A |
| 60 | $365.00 | N/A |
| 61 | $450.00 | 10 |
| 62 | $525.00 | 32 |
| 62+ | $600.00 | N/A |
| 63 | $650.00 | 11 |
| 63+ | $725.00 | N/A |
| 64 | $950.00 | 5 |
| 64+ | $1,100.00 | 1 |
| 65 | $1,250.00 | N/A |
| 65+ | $1,425.00 | N/A |
| 66 | $1,750.00 | N/A |