1864 G50C BG-918, PL (Regular Strike)
Obverse & Reverse
The 1864 G50C BG-918 octagonal 50 Cents is a quintessential example of a 'Period Two' California Fractional Gold piece. The era of Period Two issues, generally dated from 1859 to 1882, represents a significant shift from the initial purpose of fractional gold. The earlier 'Period One' pieces (1852-1857) were struck, however inadequately, to address a severe shortage of small-denomination coinage in the goldfields. By the 1860s, the San Francisco Mint was in full operation, alleviating the acute need for private coinage for commerce. However, the mystique of the Gold Rush had captivated the nation, creating a robust market for souvenirs and keepsakes from the romanticized West. Jewelers and private minters, many of whom had produced the earlier pieces, transitioned to meet this new demand. These Period Two pieces were not intended to be a circulating medium of exchange in the same way their predecessors were. Instead, they were created as novelties, often containing less than their face value in gold and exhibiting a wider, more creative array of designs. The Coinage Act of April 22, 1864, officially outlawed the private minting of coins, yet the law was not strictly enforced against these small tokens until the early 1880s, allowing their production to continue. The BG-918, struck by Robert B. Gray & Co., falls directly into this fascinating gray area of American numismatics. It was a commercial product capitalizing on a historical narrative, produced under a legally dubious framework. These pieces were sold to tourists, sent back East in letters, and mounted into jewelry, which explains why many survivors show signs of soldering or piercing. Their modern significance lies in their direct connection to the evolution of the California Gold Rush from a frantic economic necessity into a powerful element of American folklore.
Associated EventCalifornia Gold Rush (Later Souvenir Period)
Reason For MintingPrimarily minted for sale as souvenirs and jewelry charms for tourists and those back East, rather than to alleviate a local coinage shortage.
Minter HistoryRobert B. Gray & Co. was a prominent San Francisco jewelry firm that became a significant producer of Period Two California Fractional Gold. Around 1859-1860, Gray took over the business interests of Antoine Nouizillet, another key figure from the Period One era. Gray utilized some of Nouizillet's existing dies while also creating his own, often marked with a 'G'. The firm was active in producing these popular gold tokens from roughly 1858 until 1871, when Gray reportedly sold his interests to the California Jewelry Co. His issues are known for their consistent quality and are a popular subset for specialists in the series.
Historical SignificanceThis coin is historically significant not as a tool of commerce, but as a physical artifact of how the California Gold Rush was memorialized and commercialized. It represents the transition from necessity-driven private coinage to souvenir production and is a tangible link to the jeweler-minters of post-Gold Rush San Francisco.
N/A
Denomination50 Cents
Minting Period1864
Assayer/MinterRobert B. Gray & Co.
Geographic OriginSan Francisco, California
Obverse DescriptionA 'caricature' style Liberty Head facing left, with a beaded coronet. She is encircled by 13 five-pointed stars, with the date '1864' below the truncation of the neck.
Obverse Inscription1864
Reverse DescriptionThe denomination '50' is centered within a wreath of 16 leaves (8 on each side) and 6 berries. A single bow loop is at the bottom of the wreath.
Reverse Inscription50
CompositionGold
Stated Fineness Actual FinenessPeriod Two issues were notoriously underweight and often of a lower fineness than their stated value would imply, typically ranging from 14 to 22 karats.
Weight0.78 grams
Diameter11.10 mm
EdgePlain
Unknown
Survival EstimateFewer than 150. Some sources suggest 100-150 known examples.
Rarity ScaleR-4. Some older auction catalogs list it as R-6, but modern consensus and population reports suggest R-4 is more accurate.
The BG-918 is sought after for its attractive octagonal shape, clear date, and its status as a representative issue from the popular 'jeweler's period' of California Fractional Gold. Its connection to a known firm, Robert B. Gray & Co., adds to its desirability.
Key VarietiesNo major varieties from the original minting period are widely recognized. These were struck as business strikes, often with prooflike surfaces due to the striking process. There are no known special collector issues, patterns, or official restrikes for this specific variety.
Authentication TipsGenuine examples have a specific die marker: the '4' in the date is positioned slightly to the right over the right edge of the bust's truncation. The wreath elements can appear disconnected on later die states. Counterfeits often have incorrect details, a mushy strike, incorrect weight, or a soapy feel. Be wary of pieces with a bear on the reverse, as these are typically later tokens, not original fractional gold.
Shopping ConsiderationsA premium quality example for its grade will possess sharp details, particularly on Liberty's hair and the leaves of the wreath. Many specimens were struck with polished dies, resulting in attractive prooflike or 'PL' surfaces; coins with deep, watery reflectivity command significant premiums. Luster should be vibrant and unbroken. Common problems to avoid are evidence of jewelry mounting (rim damage, solder), harsh cleanings which destroy the original skin, and excessive, distracting contact marks on the high points of the design and in the fields.
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 the souvenir market, not general circulation. They are found in Circulated (1-58) and, more commonly, Mint State (MS, 60-70) grades. No true Proofs were struck during the original period of issue. The term 'Prooflike' (PL) is a designation added to business strikes that exhibit mirrored fields from being struck with polished dies, a common characteristic for this issue.
Mint State CharacteristicsUncirculated examples of BG-918 are defined by their luster, which is typically bright and satiny, often with strong prooflike reflectivity in the fields. The strike can be uneven; a well-struck example will show full detail in the central strands of Liberty's hair and clear separation of the wreath leaves. Due to the small size and soft gold, even high-grade specimens may exhibit tiny planchet flaws or minor contact marks.
Circulated Wear PatternsWear first appears on the highest points of the design: Liberty's cheek, the hair above her eye, and the coronet. On the reverse, the highest points of the wreath's leaves and the bow will show initial friction. In lower grades (VF and below), the stars and the numbers in the date begin to lose their sharpness and merge with the fields.
Key Factors For ValueThe primary value drivers for this coin are grade and surface quality. An example with original, undisturbed luster and minimal contact marks is paramount. A strong premium is attached to coins designated as 'PL' (Prooflike) by grading services. Eye appeal is crucial; specimens with a vibrant, original golden-yellow or slightly reddish-gold toning are prized over those that are dull, hazed, or have been cleaned or dipped. A CAC sticker for this issue confirms premium quality for the grade and typically adds a significant premium.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 61 | $475.00 | N/A |
| 62 | $600.00 | N/A |
| 62+ | $700.00 | N/A |
| 63 | $900.00 | N/A |
| 63+ | $1,150.00 | N/A |
| 64 | $2,250.00 | 1 |
| 65 | N/A | N/A |