1870 G25C BG-867, PL (Regular Strike)
Obverse & Reverse
The 1870 BG-867 25 Cent piece is a fascinating artifact from the second period (1859-1882) of California fractional gold production. By 1870, more than two decades after the initial Gold Rush, California's economy was maturing, yet the chronic shortage of small denomination federal coinage persisted. The San Francisco Mint, which had opened in 1854, focused primarily on larger gold and silver denominations, leaving a void in the day-to-day economy for small transactions. This vacuum was filled by private minters, often jewelers by trade, who produced tiny gold quarter dollars, half dollars, and dollars. These pieces, initially intended for commerce, had become immensely popular as souvenirs and keepsakes by the 1870s. Their small size and novel nature made them perfect for sending back East as a memento of the Golden State. This shift in purpose is reflected in their composition; many 'Period Two' issues contained less gold than their face value suggested, functioning more as high-value tokens than true coinage. Despite the Coinage Act of 1864, which outlawed private currency, enforcement was lax, and production of fractional gold actually increased during the 1870s. San Francisco's jewelers, likely including prolific minters like Robert B. Gray & Co., created a multitude of dies with unique artistic interpretations of the Liberty Head and Indian Head motifs. The BG-867 variety is a prime example of this phenomenon, featuring a distinctive, crudely engraved portrait of Liberty that has earned it the memorable nickname 'Goofy Head' from modern collectors. This piece was almost certainly produced by the hammer method, where a planchet was placed between two dies and struck manually, resulting in frequent weak or uneven strikes. The existence of these private issues finally came to an end in the early 1880s when the Secret Service, concerned about potential for fraud, cracked down on the remaining manufacturers, cementing the numismatic rarity and historical allure of pieces like the BG-867.
Associated EventPost-Civil War Economic Expansion in California
Reason For MintingTo satisfy commercial and souvenir demand for small-denomination coins in a region still lacking sufficient federal coinage.
Minter HistoryThe precise minter of the BG-867 die pair is unknown, a common trait for this series. However, a likely candidate is Robert B. Gray & Co., a San Francisco jeweler who was a major producer of fractional gold during this period. Gray had purchased the business and dies of another jeweler, Antoine Nouzillet, in the late 1850s and became known for striking pieces that were often heavier and of higher quality than his competitors. While the unique style of the 'Goofy Head' cannot be definitively attributed, it is emblematic of the work of private artisans who engraved their own dies with varying levels of skill.
Historical SignificanceThe BG-867 represents the continued necessity and popular appeal of private currency in the American West long after the initial Gold Rush. It is a tangible link to the 'souvenir phase' of fractional gold, where the pieces served as novelties and jewelry items, and showcases the individualistic artistry and crude manufacturing techniques of the era's private minters.
N/A
Denomination25 Cents
Minting Period1870
Assayer/MinterUnknown Minter (Possibly Robert B. Gray & Co.)
Geographic OriginSan Francisco, California
Obverse DescriptionA crudely engraved, stylized bust of Liberty facing left, adorned with a coronet. The portrait is notable for its large, simplistic features, which earned it the 'Goofy Head' nickname. Thirteen stars, often weakly defined, encircle the bust along the denticled border.
Obverse Inscription Reverse DescriptionA simple wreath, open at the top, enclosing the denomination '1/4' and 'DOLLAR' on two lines, with the date '1870' below. The inscription 'CALIFORNIA GOLD' appears outside the wreath, following the upper curvature of the coin.
Reverse InscriptionCALIFORNIA GOLD 1/4 DOLLAR 1870
CompositionGold
Stated Fineness Actual FinenessVariable, typically 14-22 karats (.583 - .917 fine)
Weight0.25 grams
Diameter10.40 mm
EdgePlain
Unknown
Survival Estimate75-125
Rarity ScaleR-4 / R-5
Sought for its memorable 'Goofy Head' nickname, distinctive folk-art style, and its status as a representative of the popular souvenir-era fractional gold issues. Its relative scarcity keeps demand strong.
Key VarietiesThe primary variety is the Regular Strike. Higher-grade examples are sometimes designated as Prooflike (PL) by grading services, indicating highly reflective fields, and these command a significant premium. No true Proofs were struck during the original period of issue, nor are there any known later restrikes.
Authentication TipsGenuine examples are struck in solid gold and will have a corresponding weight and density. The engraving style, though crude, should match known genuine examples. Look for signs of being hammer-struck, which may include slight unevenness in the fields or strike. Some genuine pieces exhibit characteristic reverse die breaks. Be wary of modern replicas or gold-plated tokens which often have a soapy, less-defined appearance and incorrect weight.
Shopping ConsiderationsA premium quality example for its grade will show a relatively sharp strike for the issue, particularly on Liberty's hair and the wreath on the reverse. Many are weakly struck, so well-defined pieces are desirable. Original, lustrous surfaces are highly prized over cleaned or polished examples. Attractive, undisturbed reddish-gold or mellow greenish-gold toning adds to the eye appeal. Check carefully for hidden problems like tooling in the fields to sharpen details, evidence of mounting for jewelry, or significant rim damage on this very small and fragile coin.
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 circulation or sale as souvenirs, and are found in Circulated (1-58) and Mint State (MS, 60-70) grades. No Proofs (PR/PF) were struck during the original minting period. The Prooflike (PL) designation is an important modifier for business strikes of this variety, applied to coins with exceptionally mirror-like surfaces from polished dies, and is considered a separate category for collectors seeking premium quality.
Mint State CharacteristicsAn uncirculated BG-867 is defined by its luster, which is typically frosty or satiny. Due to crude, manual striking, even Mint State examples can exhibit some weakness in the strike, particularly among the stars and the finer details of the wreath. The soft gold is prone to small contact marks, which are expected; the key is to find an example with minimal and non-distracting marks. Prooflike examples will show pronounced reflectivity in the fields, often creating a cameo contrast with the devices.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes Liberty's cheekbone and the hair strands above her eye and ear. On the reverse, the highest leaves and bow of the wreath will show flatness first. In lower grades (VF and below), the date and legends will start to weaken and merge with the fields.
Key Factors For ValueFor the BG-867, value is driven primarily by grade and surface quality. A sharp strike is a significant value multiplier, as many are softly struck. Originality of the surfaces is paramount; coins that have been cleaned or polished lose much of their numismatic value. Eye appeal, including attractive original toning, is also a major factor. The 'PL' designation can double the value of a coin compared to a non-PL example in the same numerical grade. A CAC sticker confirming quality for the grade will also add a significant premium.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 63 | $525.00 | 3 |
| 63+ | $600.00 | N/A |
| 64 | $850.00 | N/A |
| 64+ | $1,250.00 | N/A |
| 65 | $3,000.00 | N/A |
| 65+ | $3,350.00 | N/A |
| 66 | $4,000.00 | N/A |