1870 G50C BG-922, PL (Regular Strike)
Obverse & Reverse
The California Gold Rush, initiated by James Marshall's discovery at Sutter's Mill in 1848, precipitated a massive influx of over 300,000 people to the region, creating a vibrant but chaotic economy. A severe, chronic shortage of small-denomination coinage plagued daily commerce; transactions for trivial items were often inconveniently settled with gold dust, a pinch of which might buy a drink. This monetary vacuum created a unique opportunity for private enterprise. Jewelers and metallurgists in booming San Francisco began striking their own small-denomination gold coins, starting in 1852. These "California Fractional Gold" pieces, in denominations of 25 cents, 50 cents, and one dollar, served as a crucial, privately issued substitute for federally minted coins. The 1870 G50C BG-922 falls into the second major period of this coinage (1859-1882), often termed the 'jeweler's period.' By this time, the coins were no longer clandestine efforts to replicate federal issues but were openly produced as commercial aids, often lighter than their stated value would imply in gold content. This period was dominated by French-immigrant jewelers, among them Antoine Louis Nouizillet, the likely producer of the dies for this issue. These pieces were manufactured not with the industrial power of a government mint, but often by hand-hammering, leading to variations in strike quality. The Coinage Act of 1864 officially outlawed private coinage, but its enforcement in the West was lax, allowing production to continue until the early 1880s. By then, improved distribution of federal coinage and the waning of the gold boom's initial frenzy rendered them obsolete. Today, these miniature gold coins are not just numismatic rarities but tangible artifacts of the Gold Rush's tumultuous, self-sufficient economy.
Associated EventCalifornia Gold Rush
Reason For MintingTo alleviate a severe shortage of small-denomination currency for daily commercial transactions in Gold Rush-era California.
Minter HistoryAntoine Louis Nouizillet was a French jeweler and one of the most prolific private minters of California Fractional Gold during the 'jeweler's period.' He was active in San Francisco and partnered with other French immigrants, such as in the firms of Deriberpe & Nouizillet (D.N.) and Nouizillet & Routhier (N.R.). Nouizillet's work is characterized by the Liberty Head and Indian Head motifs common to the series. He was a skilled die-cutter, and his issues are among the more frequently encountered varieties of fractional gold, suggesting a successful and relatively large-scale operation for a private minter of the era.
Historical SignificanceThe BG-922, like other California Fractional Gold pieces, represents a fascinating period of private enterprise filling a void left by the federal government. It is a direct link to the commerce of the post-Gold Rush boomtowns and showcases the ingenuity of the jewelers who supplied a necessary medium of exchange.
N/A
Denomination50 Cents
Minting Period1870
Assayer/MinterAntoine Louis Nouizillet
Geographic OriginSan Francisco, California
Obverse DescriptionA Liberty Head motif facing left, stylistically similar to contemporary federal gold coinage. The head is adorned with a diadem or coronet inscribed with 'LIBERTY' (often indistinct). Thirteen stars encircle the portrait, representing the original colonies.
Obverse InscriptionLIBERTY
Reverse DescriptionThe denomination '1/2' is enclosed within a wreath of leaves and berries. The legend 'CALIFORNIA GOLD' surrounds the wreath, and the date '1870' is positioned below it.
Reverse InscriptionCALIFORNIA GOLD 1/2 1870
CompositionGold
Stated Fineness Actual Fineness Weight0.25 grams
Diameter10.00 mm
EdgePlain
Unknown
Survival Estimate251-500
Rarity ScaleR-3
The 1870 BG-922 is highly popular as it is one of the most common and accessible varieties of genuine California Fractional Gold. This makes it an ideal entry point for collectors wanting a representative example of the series and a tangible piece of Gold Rush history without the price tag of rarer issues. Its octagonal shape and classic Liberty Head design add to its appeal.
Key VarietiesThe BG-922 is a specific die marriage and is considered a 'regular strike' for business use. No contemporary proof versions are known. While many different BG numbers exist for 1870, the primary variations for collectors to be aware of within the broader series are Period One (1852-1856) issues, which more closely resemble federal coinage, versus Period Two (1859-1882) 'jeweler's issues' like BG-922. Later, souvenir pieces (often gold-plated base metal) were produced for tourists, which should not be confused with these original Period Two issues. No official restrikes are known for this specific variety.
Authentication TipsAuthenticity is the primary concern with fractional gold. Genuine BG-922 pieces have a specific die alignment and diagnostic markers (consult Breen-Gillio reference for specifics). Look for a sharp, albeit sometimes uneven, strike from hand-hammering. Modern fakes are often cast, showing a porous or soapy texture, or are die-struck with modern tool marks. Genuine pieces often have a slightly yellowish or greenish-gold hue. Weight and diameter should be close to the specified 0.25 grams and 10.0 mm. Third-party grading is highly recommended.
Shopping ConsiderationsA premium quality example for its grade will possess a sharp strike, especially on the stars, the word 'LIBERTY' in the diadem, and the date. Many survivors are weakly struck in areas. Original, lustrous surfaces are highly prized; avoid examples that have been harshly cleaned, polished, or show evidence of being mounted in jewelry, which was a common fate. Look for attractive, original 'skin' and minimal distracting contact marks. Prooflike (PL) or Deep Prooflike (DPL) examples, which have reflective fields, command a significant premium.
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 BG-922 issues were business strikes intended for circulation and are found in Circulated (1-58) and Mint State (MS, 60-70) grades. No original Proofs were struck during the minting period. Modern grading services designate some business strikes with exceptionally reflective surfaces as Prooflike (PL) or Deep Prooflike (DPL), which are not a different type of strike but rather a desirable surface characteristic.
Mint State CharacteristicsUncirculated examples of BG-922 often show a soft, satiny luster. The strike is a key determinant of quality; many were struck with uneven pressure, resulting in weakness on the high points like Liberty's hair and the wreath on the reverse. A well-struck MS example will have full details in the coronet and sharp stars. Due to the small size and softness of the gold, even Mint State coins can have tiny planchet flaws or contact marks from handling.
Circulated Wear PatternsWear first appears on the highest points: Liberty's cheek, hair details above the eye and ear, and the 'LIBERTY' inscription. On the reverse, the highest points of the wreath and the fraction '1/2' will show friction first. On lower grade examples (VF and below), the date and legends will become soft and begin to merge with the fields.
Key Factors For ValueBeyond the numerical grade, value is driven by strike sharpness and surface quality. A sharply struck coin with minimal marks will always command a premium over a weakly struck or heavily marked coin of the same grade. Original, uncleaned surfaces with attractive luster or a hint of reddish-gold toning are highly desirable. The presence of a PL or DPL designation significantly increases value. For this issue, a CAC sticker confirms premium quality for the grade and often results in a higher sale price.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 61 | $525.00 | N/A |
| 62 | $675.00 | 1 |
| 63 | N/A | N/A |