1875 G25C BG-878, DMPL (Regular Strike)
Obverse & Reverse
The 1875 25 Cents, cataloged as Breen-Gillio 878, emerges from the second period of California Fractional Gold production (1858-1882). Unlike the 'Period One' issues born of necessity during the initial Gold Rush to alleviate a severe shortage of small change, these later pieces were created in a different economic climate. By 1875, the San Francisco Mint was in full operation, and federally issued coinage circulated widely. The acute need for private fractional currency had vanished. Instead, these miniature gold tokens were produced by jewelers and private minters, like the attributed Robert B. Gray & Co., primarily as souvenirs and keepsakes. They capitalized on the romanticism of the Gold Rush, offering tangible, affordable gold mementos to tourists, Californians proud of their state's heritage, and those sending gifts back East. These 'jeweler's issues' were intentionally designed to evoke the earlier, functional pieces, using similar motifs like the Indian Head and Liberty Head. They were often struck with less care than federal coinage, using a simple hammer-strike method, which resulted in significant variability in strike quality. The Coinage Act of 1864 had made the issuance of private coinage illegal, but the law was not aggressively enforced by the Secret Service against these small tokens until 1883. This legal gray area allowed producers to continue minting denominated pieces throughout the 1870s. The BG-878, therefore, is not a coin that ever satisfied a monetary need but is a numismatic artifact of California's post-Gold Rush identity, representing the commercialization of its founding myth. Its existence today, especially in high grades with Deep Mirror Proof-Like surfaces, is a testament to its status as a collected, rather than circulated, object from the moment of its creation.
Associated EventPost-Gold Rush California Commercial Expansion
Reason For MintingTo be sold as a souvenir or keepsake capitalizing on the romanticism of the California Gold Rush.
Minter HistoryRobert B. Gray & Co. was a prominent San Francisco jeweler and a prolific producer of 'Period Two' California Fractional Gold. Successors to the earlier firm of Antoine Nouizillet, Gray & Co. manufactured a wide variety of these popular gold tokens through the 1860s and 1870s. Their products are often identified by the initial 'G' or stylistic similarities in their dies. They operated in a competitive market of jewelers who recognized the public's fascination with gold and the Gold Rush, creating these miniature pieces as affordable novelties.
Historical SignificanceThis piece is significant not as circulating currency but as a tangible link to the post-Gold Rush economy of California. It demonstrates how the narrative of the '49ers was commercialized and sustained, becoming a key part of the state's identity and tourist trade. As a 'Period Two' issue, it represents the transition of fractional gold from necessity coinage to collectible souvenir.
N/A
Denomination25 Cents
Minting Period1875
Assayer/MinterRobert B. Gray & Co. (Attributed)
Geographic OriginSan Francisco, California
Obverse DescriptionA large, somewhat crudely rendered Indian Head portrait faces left. The portrait is adorned with a feathered headdress. The field is surrounded by 13 stars, typically unevenly spaced. The date '1875' appears below the bust truncation.
Obverse Inscription1875
Reverse DescriptionThe central device is a simple wreath, open at the top. Within the wreath, the denomination '1/4' appears on the top line, with the abbreviation 'CAL.' below it. The term 'DOLLAR' is not present on this variety.
Reverse Inscription1/4 CAL.
CompositionGold
Stated Fineness Actual FinenessVaries, but typically between 14 and 22 karats (.583 to .917 fine).
EdgePlain
Unknown, as with most private issues of this type.
Survival Estimate201-500
Rarity ScaleR-3
The BG-878 is popular with collectors for its classic 'Indian Head' design and affordability relative to rarer fractional gold varieties. The pursuit of high-grade examples with proof-like or DMPL surfaces provides an additional challenge. It serves as an excellent and representative example of a 'Period Two' souvenir issue for type collectors.
Key VarietiesNo major, officially cataloged varieties from the original minting period are noted for BG-878. However, collectors do pursue different die states, which may exhibit minor die cracks or varying levels of die polish. The most significant recognized variation for collectors is the surface characteristic: examples can be found with standard business strikes, Proof-Like (PL) surfaces, and the highly desirable Deep Mirror Proof-Like (DMPL) surfaces, which command a substantial premium. No later-date restrikes or patterns are known to exist.
Authentication TipsGenuine examples are very small and thin. The strike is often uneven due to the hammer-striking process. Look for a slightly crude, hand-made feel to the devices. The 'G' mintmark of the assayer is not present on this variety. Counterfeits are common and often appear too perfect, with sharp, uniform strikes and fields that look artificially polished rather than mirror-like from a polished die. Replicas made in the 20th century often omit a denomination or are made of brass. The reference 'California Pioneer Fractional Gold' by Breen and Gillio is essential for die diagnostics.
Shopping ConsiderationsFor a premium quality BG-878, especially a DMPL example, the key is the quality of the mirrored fields and the frost on the devices. Look for deep, clear, uninterrupted reflectivity in the fields, ideally with a stark 'black and white' cameo contrast with the portrait and wreath. A superior example will have a sharp strike on the central details of the Indian's face and the wreath, which are often weak. Avoid specimens with excessive contact marks, as these are magnified and highly distracting on the mirrored surfaces. Cleaning is a major issue; look for faint hairlines that disrupt the original mirror finish. An example that is well-centered with full stars and legends is highly desirable.
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 sale to collectors and the public, not for circulation. They are found in Circulated (1-58, though rare as they didn't circulate extensively) and Mint State (MS, 60-70) grades. No true Proofs were struck. The Proof-Like (PL) and Deep Mirror Proof-Like (DMPL or DPL) designations are applied to business strikes made from freshly polished dies, creating mirrored surfaces. These are not a different type of coin but a special surface quality of the regular strike.
Mint State CharacteristicsAn uncirculated BG-878 is defined by its luster and absence of wear. Strike quality varies significantly; a full strike with sharp details in the headdress feathers and wreath leaves is rare and desirable. Luster can range from soft and satiny to deeply reflective on DMPL specimens. Due to the hammer-striking process, planchets were often imperfect, so minor original flaws may be present. High-grade examples should show minimal, light contact marks, as the small size and souvenir nature meant many were well-preserved.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes the Indian's cheekbone, the eyebrow, and the topmost feathers of the headdress. On the reverse, the high points of the wreath's leaves and the bow will show rubbing first. On lower grade examples, the stars and date will begin to lose their sharpness and merge with the fields.
Key Factors For ValueThe primary value driver for a BG-878 is its grade and surface designation. A DMPL example is worth many multiples of a standard business strike in the same numerical grade. Surface quality is paramount; an example with clean, original, mark-free fields will always command a premium. Strike sharpness is the next factor; coins with fully struck details on the portrait and wreath are prized. Finally, eye appeal, including attractive original gold toning and strong cameo contrast on DMPL coins, significantly enhances value. A CAC sticker for this issue confirms premium quality for the grade and adds a strong premium.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 64 | $850.00 | N/A |
| 64+ | $975.00 | N/A |
| 65 | $1,200.00 | N/A |
| 65+ | $1,450.00 | N/A |
| 66 | $2,000.00 | N/A |