1872 G50C BG-940, PL (Regular Strike)
Obverse & Reverse
The 1872 G50C BG-940 is a quintessential example of a 'Period Two' California Fractional Gold piece. These fascinating and diminutive coins are direct descendants of the 'Period One' issues (1852-1857), which were struck out of genuine commercial necessity to alleviate a chronic shortage of small change during the initial frenzy of the California Gold Rush. By the 1870s, however, the economic landscape of California had matured. The San Francisco Mint was in full operation, producing ample quantities of federal coinage for daily transactions. The original impetus for private fractional gold had thus vanished. In its place, a new market emerged, driven by tourism, nostalgia, and the American fascination with the 'Golden West.' Jewelers in San Francisco, capitalizing on this sentiment, began producing a wide variety of small gold 'coins' intended not for circulation, but for sale as souvenirs, keepsakes, and jewelry items. The BG-940 falls squarely into this category. Struck in 1872, it was created more than two decades after the initial gold discovery at Sutter's Mill. Unlike their Period One predecessors, which were generally made to be close to their intrinsic value, these Period Two 'jeweler's issues' were notoriously underweight and often of a lower fineness, maximizing the profit for their manufacturers. The Coinage Act of 1864 had technically made all private coinage illegal, but the law was not aggressively enforced against these small souvenir pieces until the Secret Service finally cracked down in the early 1880s, bringing the era to a close. The BG-940 is therefore not a coin of commerce in the traditional sense, but a tangible artifact of how the Gold Rush was memorialized and commercialized, representing a fascinating transition from utilitarian private money to cherished souvenir.
Associated EventPost-Gold Rush California Development
Reason For MintingTo be sold as a souvenir or keepsake of the California Gold Rush, capitalizing on public nostalgia rather than to fulfill a need for circulating currency.
Minter HistoryThe specific minter for the BG-940 variety is not definitively known, a common trait for many Period Two California Fractional Gold pieces. These were produced by a number of competing jewelers and artisans operating in San Francisco during the 1860s and 1870s. Prominent makers of the era included figures like Robert B. Gray & Co. and the California Jewelry Co. They operated in a legally gray area, creating denominated gold pieces that mimicked coinage but were primarily sold as novelties. These jewelers used die punches and hubs, often creating mules and various die pairings, leading to the vast number of varieties cataloged by Breen and Gillio. Their operations ceased around 1883 due to increased pressure from the U.S. Secret Service, which finally moved to suppress all forms of private coinage.
Historical SignificanceThis coin's significance lies not in its use as money, but as a historical artifact representing the commercialization of the Gold Rush legend. It is a prime example of a 'Period Two' jeweler's issue, which catered to a tourist and souvenir market. Its existence highlights the shift from the necessity-driven private coinage of the 1850s to the nostalgia-driven tokens of the 1870s and 1880s, demonstrating how the memory of the Gold Rush was packaged and sold to a captivated public.
N/A
Denomination50 Cents
Minting Period1872
Assayer/MinterUnknown San Francisco Jeweler
Geographic OriginSan Francisco, California
Obverse DescriptionThe obverse features a Native American portrait facing left, commonly referred to as an 'Indian Head'. The portrait is surrounded by thirteen six-pointed stars, representing the original colonies. The date '1872' is positioned below the bust.
Obverse Inscription1872
Reverse DescriptionThe reverse displays the denomination '50 CENTS' within a continuous wreath composed of leaves and berries. The wreath is open at the top. Breen-Gillio notes this variety features large berries on the wreath.
Reverse Inscription50 CENTS
CompositionGold
Stated Fineness Actual FinenessTypically lower than the U.S. Mint standard of .900 fine, but variable by maker.
EdgePlain
Unknown
Survival Estimate76-200
Rarity ScaleR-4
The BG-940 appeals to collectors due to its classic Indian Head design, octagonal shape, and its status as a historic 'Period Two' jeweler's issue. It is an accessible representative of the later phase of the California Fractional Gold series, offering a tangible link to the romanticized era of the Old West. High-grade, proof-like examples are particularly sought after for their sharp details and brilliant surfaces.
Key VarietiesThe BG-940 itself is a specific die marriage and is considered a 'regular strike.' No major, intentionally created varieties from 1872 are cataloged. However, minor variations in die state, such as the presence or absence of small die cracks, may exist and are of interest to specialists. As a Period Two issue, no original proof or pattern strikings are known. Later restrikes or copies made in the 20th century are common for the series but are considered replicas and have little numismatic value.
Authentication TipsAuthentic Period Two pieces like the BG-940 must be denominated (e.g., '50 CENTS'). Replicas often say 'CAL GOLD' with no denomination. Genuine pieces are typically struck on very thin planchets, almost like a business card, whereas many modern fakes are noticeably thicker and heavier. The strike on genuine examples can be uneven or weak in spots due to the thinness of the planchet; fakes are often sharply and uniformly struck. Look for crisp, well-defined details on the stars and wreath, as fakes often have mushy or poorly defined features. Any piece with a bear on the reverse is a modern replica. Familiarity with the Breen-Gillio photographic plates is the best defense.
Shopping ConsiderationsFor a premium quality BG-940, a buyer should seek out an example with a sharp, well-centered strike, as many are found off-center. Look for crisp details on the Indian's headdress and the individual leaves and berries of the wreath. Original, proof-like (PL) or deep mirror proof-like (DMPL) surfaces command a significant premium and are highly desirable. Eye appeal is paramount; avoid examples that have been harshly cleaned, polished, or show evidence of being mounted in jewelry (solder marks, excessive rim damage). An attractive, original reddish-gold or yellow-gold patina is preferable to unnaturally bright, dipped-out surfaces. Given the prevalence of counterfeits, purchasing a specimen certified by a major third-party grading service (PCGS or NGC) is strongly recommended.
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 1872 issues were business strikes, although not intended for circulation, and are found in both Circulated (AU-58 and below, though rare) and Mint State (MS, 60-70) grades. As these were sold as souvenirs, many were well-preserved, and uncirculated examples are the norm. The 'PL' (Proof-like) designation requested refers to a business strike with reflective, mirror-like surfaces. No true Proofs were struck during the original period of issue, and any such items are of a later, non-contemporary origin.
Mint State CharacteristicsA high-quality Mint State BG-940 will exhibit sharp, frosty devices on reflective, proof-like fields. The strike can be inconsistent on these issues; a fully struck example with complete details on the highest points of the Indian's cheek and the wreath's berries is rare and desirable. Luster should be bright and unbroken. As these pieces are made of soft gold, they are highly susceptible to contact marks; even a high-grade piece may show tiny handling marks, but an example with clean, mark-free fields is considered premium quality.
Circulated Wear PatternsAlthough not intended for circulation, some pieces did see handling or pocket wear. Wear will first appear on the highest points of the design: the Indian's cheek, brow, and the feathers in the headdress. On the reverse, the highest points of the wreath's leaves and berries will show the first signs of friction, becoming flattened and losing detail. In lower grades (e.g., AU), the luster in the fields will be broken, and the finest details will begin to merge.
Key Factors For ValueThe primary value driver for a BG-940 is its certified grade and surface designation. A Proof-like (PL) or Deep Mirror Proof-like (DMPL) example will command a substantial premium over a standard MS piece. Surface quality is critical: original, undisturbed luster and mark-free fields are prized. Eye appeal, including attractive original toning and a sharp, well-centered strike, significantly enhances value. A CAC sticker, indicating premium quality for the grade, will add a further premium, as it confirms the coin's superior attributes among its peers.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 64 | N/A | 1 |