1865 25C BG-802 (Regular Strike)
Obverse & Reverse
The 1865 BG-802 25 Cents is a quintessential example of a 'Period Two' California Fractional Gold piece, a series born from the California Gold Rush but which evolved significantly in purpose and legality. The initial period of fractional gold (1852-1857) arose from a genuine economic need for small denomination coinage, as the massive influx of gold dust and high-value private coins left a void in transactional currency. However, by the late 1850s, the San Francisco Mint was in full operation, alleviating the shortage of official small change. This shifted the role of fractional gold from a circulating medium to that of a popular souvenir. Jewelers and private minters in San Francisco continued to produce these tiny gold pieces for tourists, merchants, and those back East who were captivated by the romance of the Gold Rush. The year 1865 places this coin at a critical juncture. The Coinage Act of April 22, 1864, had explicitly outlawed private coinage, making the production of denominated fractional gold illegal. However, enforcement by the Secret Service was lax and sporadic until 1883. In this environment of quasi-legality, jewelers continued their work, often anonymously, to avoid federal scrutiny. The BG-802, like its contemporaries, was not intended to function as money but rather as a memento or a piece of jewelry. Its gold content was typically far below its face value, reflecting its true purpose as a novelty. The workmanship on these 'jeweler's issues' varies, but many, including the BG-802, exhibit a degree of artistry and were struck with hand-cut dies. The historical significance of the BG-802 lies not in its economic impact, but in what it represents: the enduring legacy of the Gold Rush in popular culture and the creative enterprise of San Francisco's craftsmen navigating a changing legal landscape.
Associated EventPost-Gold Rush Era / Coinage Act of 1864
Reason For MintingPrimarily created as a souvenir or novelty item for the tourist and jewelry trade following the effective prohibition of private coinage for circulation.
Minter HistoryThe specific minter for the BG-802 variety is unknown, a common characteristic for many 'Period Two' issues. After the Coinage Act of 1864, producers often omitted their names or identifying marks from their products to avoid prosecution. It was almost certainly struck by one of the many jewelers or private minting concerns operating in San Francisco during the mid-1860s who specialized in these popular gold souvenirs.
Historical SignificanceThe BG-802 is significant as a tangible artifact from the transitional period after the Coinage Act of 1864. It demonstrates the continued production of private gold issues for non-monetary purposes and highlights the high demand for Gold Rush souvenirs that persisted long after the initial boom.
N/A
Denomination25 Cents
Minting Period1865
Assayer/MinterUnknown
Geographic OriginSan Francisco, California
Obverse DescriptionThe obverse features a large Liberty Head facing left, her hair tied in the back with a band inscribed with 'LIBERTY'. The portrait is surrounded by 13 six-pointed stars, representing the original colonies. The date '1865' appears below the bust.
Obverse InscriptionLIBERTY 1865
Reverse DescriptionThe reverse features the denomination '1/4' and 'DOLLAR' enclosed within a wreath. The wreath is composed of two olive branches tied together at the bottom with a ribbon.
Reverse Inscription1/4 DOLLAR
CompositionGold
Stated Fineness Actual FinenessVariable, but typically of lower fineness than official U.S. coinage, consistent with its souvenir status.
EdgePlain
Unknown
Survival EstimateFewer than 75 known
Rarity ScaleR-4 (Scarce, 76-200 known per Breen-Gillio scale, though modern census data suggests this specific variety is on the lower end of that range).
BG-802 appeals to collectors of California Fractional Gold, Gold Rush history, and 19th-century tokens. Its status as an illegal-but-tolerated 'Period Two' issue adds a layer of historical intrigue. The classic Liberty Head design makes it a popular type coin, and its defined rarity makes it a challenging but achievable acquisition.
Key VarietiesThe primary variety is the Regular Strike business issue. No proof strikings or major die variations from the original period of minting are known or documented for the BG-802 die marriage. Later 20th-century copies and fantasy pieces exist for the general type, but they are not considered part of the original Breen-Gillio cataloged series.
Authentication TipsAuthentic examples must have a denomination ('DOLLAR'). Compare the specific die characteristics—the style of the Liberty Head, the font of the date and legends, and the details of the wreath—to high-resolution images of certified specimens. The strike can be uneven, but the details should not be mushy or crude like many modern replicas. Genuine pieces often have a slightly lower gold purity and a distinct color compared to federal gold. Beware of modern replicas, which are often gilt brass and lack the sharp, albeit sometimes primitive, details of original hand-cut dies.
Shopping ConsiderationsA premium quality example for its grade will exhibit a sharp strike, particularly on Liberty's hair details and the numerals of the date. Seek out coins with original, undisturbed surfaces and a pleasing, slightly subdued luster, avoiding examples that have been harshly cleaned, polished, or used as jewelry. Since these were made by jewelers, evidence of mounting (tool marks, filled holes) is a common impairment to check for carefully. Eye appeal is paramount; a well-centered strike on a clean planchet will command a significant premium over a poorly struck or marked-up specimen.
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 were business strikes produced as souvenirs, not for circulation, thus most survivors are found in Mint State (MS, 60-70) grades. Circulated examples (1-58) are scarce and may indicate limited handling or pocket carry rather than extensive commerce. No official Proof (PR/PF) examples were struck during the original period of issue, though some specimens may exhibit prooflike surfaces due to fresh dies and careful striking.
Mint State CharacteristicsUncirculated examples of BG-802 typically exhibit a soft, satiny luster. The quality of the strike is a key determinant of grade; well-struck pieces show clear definition on the word LIBERTY on the coronet and the individual leaves in the wreath. Planchet quality can be inconsistent, with minor striations or adjustment marks sometimes present from the manufacturer. As these were made with less care than federal issues, even high-grade examples can show minor planchet flaws.
Circulated Wear PatternsOn circulated examples, wear first appears on the highest points: Liberty's cheek, the hair above the eye and ear, and the highest leaves and bow of the wreath on the reverse. On lower grade examples, the stars and the date will begin to lose their sharpness and merge with the fields.
Key Factors For ValueFor the BG-802, value is primarily driven by grade and surface quality. A sharply struck coin with minimal contact marks and original, uncleaned luster will command the highest prices. Eye appeal is critical; coins with a pleasing, original reddish-gold toning are highly prized over dipped or cleaned examples. Certification by PCGS or NGC is standard and strongly recommended. A CAC sticker for this issue indicates premium quality for the grade and will often result in a significant price premium.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 50 | $200.00 | 1 |
| 50+ | $215.00 | N/A |
| 53 | $235.00 | N/A |
| 53+ | $245.00 | N/A |
| 55 | $270.00 | N/A |
| 55+ | $280.00 | N/A |
| 58 | $300.00 | 2 |
| 58+ | $315.00 | N/A |
| 60 | $330.00 | 1 |
| 61 | $350.00 | 4 |
| 62 | $375.00 | 8 |
| 62+ | $400.00 | N/A |
| 63 | $475.00 | 8 |
| 63+ | $500.00 | N/A |
| 64 | $650.00 | 13 |
| 64+ | $750.00 | N/A |
| 65 | $1,250.00 | 6 |
| 65+ | $1,500.00 | N/A |
| 66 | $2,250.00 | N/A |