1873 G25C BG-794, PL (Regular Strike)
Obverse & Reverse
The 1873 G25C BG-794 is a quintessential example of a 'Period Two' California Fractional Gold coin. The history of these fascinating pieces begins with the California Gold Rush, which commenced in 1848. The massive influx of over 300,000 people created a booming economy but also a severe shortage of small-denomination coinage for daily transactions. Initially, pinches of gold dust served as a clumsy medium of exchange. To resolve this, private minters, primarily jewelers in San Francisco with the requisite skills and equipment, began striking small gold coins in 25-cent, 50-cent, and one-dollar denominations starting in 1852. These 'Period One' (1852-1857) issues were utilitarian, intended to circulate and alleviate the coin shortage. By the time the BG-794 was struck in 1873, the monetary landscape had changed. The San Francisco Mint, opened in 1854, was producing ample federal coinage, eliminating the practical need for private issues. Consequently, the 'Period Two' (1859-1882) pieces evolved from currency into souvenirs and novelty items for tourists and collectors. They were often lighter than their Period One counterparts and contained less gold than their face value suggested, solidifying their status as 'tokens' or 'jeweler's issues.' The Coinage Act of 1864 had made private coinage illegal, but the law was not strictly enforced by the Secret Service until the early 1880s. This legal gray area allowed jewelers to continue producing denominated pieces like the BG-794 throughout the 1870s. These later pieces were frequently struck on highly polished planchets, resulting in the desirable proof-like (PL) surfaces seen on many surviving examples. The octagonal shape and Indian Head motif were popular design choices, evoking a romanticized vision of the American West that appealed to visitors. Despite their souvenir status, these pieces are an integral part of the Gold Rush narrative, representing the entrepreneurial spirit and the transition of California from a frontier economy to a burgeoning state.
Associated EventCalifornia Gold Rush
Reason For MintingStruck as a souvenir or curio during a period when the initial need for circulating small change had subsided.
Minter HistoryThe specific minter of the BG-794 variety is unknown, which is common for Period Two California Fractional Gold. Production was largely anonymous or identified only by simple initials (e.g., 'N' for Nouizillet, 'FD' for Frontier & Deviercy). These minters were typically French jewelers located in San Francisco who leveraged their metalworking skills to create these popular and profitable souvenir tokens for the tourist trade.
Historical SignificanceThis coin represents the second phase of California Fractional Gold production, where pieces transitioned from necessary circulating currency to commercial souvenirs. It reflects the post-Gold Rush economy of San Francisco and the era's lax enforcement of federal coinage laws, while also serving as a tangible link to the romanticism and continued allure of California's gold fields long after the initial rush had ended.
N/A
Denomination25 Cents
Minting Period1873
Assayer/MinterUnknown Jeweler/Private Minter
Geographic OriginSan Francisco, California
Obverse DescriptionFeatures a stylized female head facing left, commonly referred to as an 'Indian Head,' wearing a feathered headdress. The portrait is encircled by thirteen stars.
Obverse Inscription1873
Reverse DescriptionA simple wreath composed of two branches tied with a ribbon at the bottom encircles the denomination. The shape of the coin is octagonal.
Reverse Inscription1/4 DOLLAR
CompositionGold
Stated Fineness Actual FinenessVariable, often less than federal standards for the period, consistent with 'jeweler's issues.'
Diameter10.00 mm
EdgePlain
Unknown
Survival Estimate76-150 (Per Breen-Gillio)
Rarity ScaleR-5+
The BG-794 is sought after for its classic octagonal Indian Head design, its status as a representative 'Period Two' issue, and its high R-5+ rarity. The frequent availability of examples with proof-like surfaces adds to its eye appeal, making it a popular type coin for collectors of this historic and fascinating series.
Key VarietiesThe primary variety is the regular business strike, often found with proof-like (PL) or deep proof-like (DPL) surfaces due to being struck on polished planchets. No official patterns, restrikes, or collector proofs were made. The Breen-Gillio (BG) catalog is the definitive work, and BG-794 refers to a specific die marriage. Minor die states may exist but are not typically collected as distinct varieties.
Authentication TipsGenuine pieces must have a stated denomination (e.g., '1/4 DOLLAR'). Souvenir tokens made after 1882 often lack a denomination and may feature a bear on the reverse; these are not contemporary circulating pieces. Look for the characteristic crude, somewhat soft strike of privately made issues. The luster on PL examples should be vibrant but may show fine die polishing lines. Modern counterfeits are common and often have a mushy appearance, incorrect weight, or a soapy luster. Comparison with certified examples is highly recommended.
Shopping ConsiderationsA premium quality example for its grade will possess a sharp strike, particularly on the details of the headdress and the lettering on the reverse. For PL designated coins, look for deeply mirrored fields and strong cameo contrast with the devices. As these coins are very small and made of soft gold, they are highly susceptible to marks, scratches, and damage from jewelry use or improper handling. Avoid examples with noticeable rim dings, harsh cleanings, or evidence of having been mounted in jewelry. Original, reddish-gold toning is highly desirable and commands 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 period issues were business strikes, though not intended for extensive circulation in this later period. They are found in Circulated (1-58) and, more commonly, Mint State (MS, 60-70) grades. No true Proof (PR/PF) examples were struck during the original period. The term 'Proof-Like' (PL) is a designation added to Mint State business strikes that exhibit mirrored fields from being struck on polished planchets, a common characteristic of these jeweler-made souvenirs.
Mint State CharacteristicsUncirculated examples of BG-794 often exhibit a weak or uneven strike, particularly on the stars or the date, due to the hand-operated presses used. The luster on non-PL examples is typically soft and satiny. On PL examples, the quality is determined by the depth and clarity of the mirrored fields. Due to the softness of the gold and their souvenir nature, even high-grade specimens can show small planchet flaws, die polishing lines, or minor handling marks.
Circulated Wear PatternsWear first appears on the high points of the design: the cheek and the feathers of the headdress on the obverse, and the leaves and bow of the wreath on the reverse. On lower-grade circulated examples, the stars and date will begin to merge with the fields, and the reverse lettering will become faint.
Key Factors For ValueFor the BG-794, the primary value drivers are the grade and surface quality. A sharp, well-centered strike is prized over a weak one. The presence of a Proof-Like (PL) or Deep Proof-Like (DPL) designation from a major grading service like PCGS or NGC adds a significant premium. Eye appeal is crucial; collectors pay more for coins with clean surfaces, minimal distracting marks, and original, attractive coloration. A CAC sticker, indicating premium quality for the grade, will also substantially increase the coin's market value.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 64 | $925.00 | 1 |
| 64+ | $1,250.00 | N/A |
| 65 | $2,750.00 | N/A |