1867 G50C BG-905 (Regular Strike)
Obverse & Reverse
The 1867 BG-905 50 Cents is a product of the second phase of California's fascinating fractional gold series. The initial 'Period One' (1852-1857) issues were struck out of genuine necessity to alleviate a severe shortage of small-denomination coinage that plagued the booming Gold Rush economy. Gold dust was impractical for minor transactions, and the output of the new San Francisco Mint was initially insufficient to meet demand. However, by the late 1850s, an adequate supply of federal silver and minor coinage had entered circulation, rendering the private gold pieces largely obsolete for their original purpose. This gave rise to 'Period Two' (1858-1882), a distinct era in which these miniature gold coins were produced not for circulation, but as souvenirs, keepsakes, and jewelry items. San Francisco jewelers, many of whom were French immigrants, recognized a burgeoning market for these charming mementos of the Gold Rush. Tourists and locals alike were captivated by these tiny expressions of California's wealth. The BG-905, dated 1867, falls squarely into this category. It was struck long after the acute need for circulating private gold had passed. These 'jeweler's issues' were often lighter and sometimes of lower fineness than their Period One predecessors, as their value was derived more from their novelty than their intrinsic worth. Production methods remained crude, typically involving a sledgehammer striking a top die to impress a design onto a gold planchet held on a stationary bottom die, leading to frequent variations in strike quality. The Private Coinage Act of 1864 had made such private minting illegal, but the law was not strictly enforced against these small souvenir pieces until the Secret Service finally clamped down in 1883, bringing the era of California Fractional Gold to a definitive end.
Associated EventPost-Gold Rush California Commerce
Reason For MintingPrimarily created as a souvenir or jewelry item for the tourist and local trade, not for general circulation.
Minter HistoryThe specific minter of the BG-905 variety is unknown, a common characteristic of many Period Two issues. The work is attributed to the many skilled but often anonymous jewelers operating in San Francisco in the 1860s and 1870s. These craftsmen capitalized on the romantic appeal of the Gold Rush by producing a wide variety of these miniature gold pieces for a market that valued novelty over monetary function.
Historical SignificanceThe BG-905 is significant as a tangible artifact of the transition of California Fractional Gold from necessary coinage to popular souvenir. It represents the commercial ingenuity of San Francisco's jewelers and the enduring national fascination with the Gold Rush. Unlike its Period One predecessors, its history is not one of circulation but of sentiment and tourism, capturing a later, more settled chapter of California's gold story.
N/A
Denomination50 Cents
Minting Period1867
Assayer/MinterUnknown Private Minter (Jeweler)
Geographic OriginSan Francisco, California
Obverse DescriptionA stylized head of Liberty facing left, her hair tied in a bun. She is surrounded by thirteen stars, representing the original colonies. The date '1867' is positioned below the bust.
Obverse Inscription1867
Reverse DescriptionThe denomination '1/2' is located in the center, encircled by a wreath composed of two branches tied with a bow at the bottom. The word 'DOLLAR' is inscribed within the wreath, above the fraction.
Reverse Inscription1/2 DOLLAR
CompositionGold
Stated Fineness Actual FinenessVariable, typically lower than federal coinage and often in the 14-20 karat range.
EdgePlain
Unknown
Survival Estimate31-75 known (based on combined PCGS/NGC census data and rarity ratings)
Rarity ScaleR-5 to High R-6
This coin is sought for its classic Liberty Head design, octagonal shape, and its status as a historic 'jeweler's issue' from the post-Gold Rush era. It is an accessible representative of the popular and historically rich California Fractional Gold series.
Key VarietiesNo major varieties of the BG-905 die marriage are widely recognized or collected. As a Period Two issue produced for collectors from the start, there are no known patterns, trial pieces, or official later-date restrikes associated with this specific variety.
Authentication TipsGenuine examples will have the word 'DOLLAR' on the reverse. Many contemporary counterfeits and later souvenir tokens will say 'CALIFORNIA GOLD' or lack a denomination entirely. The strike is often somewhat crude but should exhibit characteristic die features consistent with known examples. Look for sharp, albeit sometimes uneven, details rather than the soft, mushy appearance of cast fakes. The luster on high-grade pieces is often prooflike or semi-prooflike.
Shopping ConsiderationsA premium quality example for its grade will possess a sharp strike, especially on Liberty's hair details and the numerals of the date and fraction. Due to the hammered striking process, perfectly centered and evenly struck specimens are rare and command a premium. Seek out coins with bright, original prooflike or satiny luster. Common problems include cleaning, which dulls the surfaces and imparts fine hairlines, and previous use in jewelry, which can result in rim damage, solder marks, or excessive localized wear. Eye appeal is paramount; an attractive, problem-free coin with a bold strike is always more 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 1867 issues were business strikes, although intended as souvenirs rather than for circulation. They are found in both Circulated (1-58) and, more commonly, Mint State (MS, 60-70) grades. No true Proofs were struck during the original period of issue. The high-quality, reflective surfaces seen on many Mint State examples are best described as 'Prooflike' (PL) or 'Deep Prooflike' (DPL), which are attributes of a business strike, not a separate method of manufacture.
Mint State CharacteristicsUncirculated examples of BG-905 are characterized by their strong luster, which is frequently prooflike. The strike can be inconsistent; a fully struck specimen will show sharp definition on Liberty's coronet and hair strands, as well as the bow on the reverse wreath. However, areas of weakness, particularly at the centers or peripheries, are common due to the hammered manufacturing process. Small planchet flaws or adjustment marks are not uncommon and should be evaluated for their impact on eye appeal. Contact marks are typical for any gold coin but can be more distracting on the small, mirrored surfaces of these pieces.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes Liberty's cheek, the hair above the ear, and the coronet. On the reverse, the high points of the wreath's leaves and the bow below the fraction will show initial friction. In lower grades (VF and below), the stars on the obverse and the lettering on the reverse will begin to lose their sharpness and merge with the fields.
Key Factors For ValueBeyond the numerical grade, value is driven by strike, surfaces, and eye appeal. A sharply struck coin with minimal weakness will command a significant premium over a softly struck example of the same grade. The quality of the luster is critical; pieces with deep, watery, prooflike surfaces are highly prized. Original, uncleaned surfaces with attractive light gold or reddish-gold toning are preferred. A CAC sticker for this issue confirms premium quality for the grade and typically results in a higher market value.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 58 | $325.00 | 1 |
| 58+ | $345.00 | N/A |
| 60 | $390.00 | 1 |
| 61 | $415.00 | N/A |
| 62 | $435.00 | 9 |
| 62+ | $460.00 | N/A |
| 63 | $485.00 | 9 |
| 63+ | $525.00 | N/A |
| 64 | $650.00 | 17 |
| 64+ | $725.00 | N/A |
| 65 | $950.00 | 10 |
| 65+ | $1,200.00 | N/A |
| 66 | $2,250.00 | 5 |
| 66+ | $2,750.00 | N/A |
| 67 | $4,500.00 | 1 |
| 67+ | $5,500.00 | N/A |