1870 G25C BG-761, DMPL (Regular Strike)
Obverse & Reverse
The 1870 octagonal 25-cent piece, cataloged as Breen-Gillio 761, is a fascinating product of the second major phase of California's private gold coinage. Unlike the 'Period One' (1852-1857) issues, which were struck with a genuine, albeit inconsistent, intent to alleviate the severe shortage of small change during the Gold Rush, the 'Period Two' (1858-1882) pieces were created in a different economic climate. By 1870, the San Francisco Mint was in full operation, supplying the region with ample federal coinage and rendering private fractional gold unnecessary for commerce. Instead, these miniature gold tokens were produced primarily as souvenirs and keepsakes for tourists, Easterners, and locals captivated by the romance of the Gold Rush. The minter, Robert B. Gray, was a prominent San Francisco manufacturing jeweler who entered the fractional gold business around 1859 after purchasing the dies and equipment of another jeweler, Antoine Nouizillet. Gray's own issues are typically marked with a 'G' on the obverse, although BG-761 is one of the varieties where this is absent. These pieces were intentionally lightweight and contained less than their face value in gold, a fact understood by purchasers who valued them for their novelty rather than their intrinsic worth. The production method for these tiny coins was crude but effective: a gold planchet was placed on an anvil die, the upper die was positioned on top, and a single, sharp blow from a sledgehammer would create the impression. This 'hammer striking' process accounts for the frequent variability in strike sharpness and centering. The existence of these pieces post-1864 is particularly noteworthy, as the Coinage Act of April 22, 1864, expressly forbade all private coinage. However, the law was not aggressively enforced by the Secret Service until the early 1880s. Jewelers like Gray continued production, arguing the items were tokens or charms, not currency. This legal gray area allowed for the creation of hundreds of varieties throughout the 1870s. The BG-761, with its classic Liberty Head design, is a tangible link to this unique era of American enterprise, where the allure of gold had transitioned from a monetary necessity to a powerful symbol of the California dream.
Associated EventPost-Gold Rush California Economy
Reason For MintingPrimarily struck to be sold as souvenirs and jewelry items, not to alleviate a currency shortage as earlier issues had.
Minter HistoryRobert B. Gray & Co. was a San Francisco-based manufacturing jeweler active in producing fractional gold from approximately 1859 to 1871. The firm began its numismatic endeavors after acquiring the business of Antoine Louis Nouizillet, another established private minter. Gray's pieces are known for their consistent style and are a significant component of the 'Period Two' jewelers' issues. He sold his interests to the California Jewelry Co. in 1871, effectively ending his production of these popular tokens.
Historical SignificanceThe BG-761 represents a shift in the purpose of private gold coinage from functional currency to commercial souvenir. It is a product of a legally ambiguous period when private jewelers continued to mint gold tokens despite a federal ban, capitalizing on the enduring legacy of the Gold Rush. Its existence highlights the persistent demand for gold mementos and the entrepreneurial spirit of the era's craftsmen.
N/A
Denomination25 Cents
Minting Period1870
Assayer/MinterRobert B. Gray & Co.
Geographic OriginSan Francisco, California
Obverse DescriptionA head of Liberty, facing left, with hair tied in a bun. She is surrounded by thirteen six-pointed stars arranged in a circle near the octagonal border. The date '1870' is positioned below the bust.
Obverse Inscription1870
Reverse DescriptionThe denomination '1/4 DOLLAR' is enclosed within a wreath of leaves and berries. The wreath is tied at the bottom with a bow.
Reverse Inscription1/4 DOLLAR
CompositionGold
Stated Fineness Actual FinenessVariable and typically debased, often in the 14-21 karat range, which was common for Period Two souvenir issues.
Weight0.24 grams
Diameter9.60 mm
EdgePlain
Unknown
Survival EstimateFewer than 75 known
Rarity ScaleR-4 (Greysheet) to R-6 (some auction catalogs). The discrepancy reflects differing assessments and the limited population data; R-5 is a reasonable consensus.
This variety appeals to collectors of California fractional gold for its classic Liberty design, octagonal shape, and connection to the well-documented jeweler Robert B. Gray & Co. The DMPL designation adds a significant layer of rarity and visual appeal, as the deeply mirrored fields create a beautiful cameo contrast with the devices, making it a prized piece for specialists.
Key VarietiesThe primary variety is the regular business strike. Collector designations include Prooflike (PL) and Deep Mirror Prooflike (DMPL), which are not separate mintings but rather represent early strikes from fresh, highly polished dies. No known patterns, restrikes, or trial pieces are recorded for the BG-761.
Authentication TipsAuthentic BG-761 pieces must be denominated '1/4 DOLLAR' on the reverse; replicas often say '1/4 CAL GOLD' or feature a bear design, which is never found on genuine pre-1883 issues. The stars on the obverse should be distinct. The planchets are very thin, and genuine pieces often show evidence of manual hammer striking, which can result in slight imperfections in strike or centering. Replicas are often thicker, have a soapy or cast-like appearance, and may be made of brass or be thinly gold-plated.
Shopping ConsiderationsFor a premium quality DMPL example, a buyer should seek out a coin with deep, clear, and uniform reflectivity across the fields of both the obverse and reverse, allowing for readable reflection from at least six inches away. The ideal piece will exhibit strong 'black and white' cameo contrast between the mirrored fields and any frosted devices. Look for a sharp strike, particularly on Liberty's hair details and the numerals of the date. Due to their thinness and softness, these pieces are prone to scratches, rim bumps, and planchet flaws; a 'clean' surface with minimal distracting marks is paramount. Avoid examples that have been harshly cleaned, as this will destroy the fragile mirrored surfaces and significantly impair value.
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 intended for sale as souvenirs, found in Circulated (1-58) and Mint State (MS, 60-70) grades. No Proofs were struck during the original period of issue. The PL (Prooflike) and DMPL (Deep Mirror Prooflike) designations are applied to business-strike coins that were struck with newly polished dies, creating a mirrored surface. They are not a separate issue type but rather a desirable surface characteristic.
Mint State CharacteristicsUncirculated examples of BG-761 are often characterized by a soft, satiny luster. The strike can be inconsistent due to the manual hammer-striking process; some examples may be weak on the stars or the reverse wreath. DMPL examples, struck first from polished dies, exhibit a glassy, reflective surface. Bag marks are less common than handling marks, but any contact on the open fields is highly distracting on a DMPL coin. Look for sharp details on the highest points of Liberty's hair and the bow on the reverse wreath.
Circulated Wear PatternsWear first appears on the high points of Liberty's hair, cheek, and the strands above her ear. The stars will begin to lose their sharp points and become flat. On the reverse, the highest points of the wreath's leaves and the knot of the bow will show initial friction and flattening. In lower grades (VF and below), the date and legends will become soft and may start to merge with the fields.
Key Factors For ValueFor a DMPL specimen, the depth and clarity of the mirrored fields are the primary value drivers. A strong cameo contrast dramatically increases eye appeal and value. Surface preservation is critical; a pristine, mark-free surface on a DMPL coin will command a significant premium over one with even minor scratches. Strike sharpness is also key; a fully struck-up example is rare and highly desirable. Finally, originality is paramount. A coin with its natural 'skin' and reddish-gold toning is far more valuable than a cleaned or dipped example. A CAC sticker confirms quality for the grade and often results in a higher market price.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 63 | $675.00 | 1 |