1859 G25C BG-701, PL (Regular Strike)
Obverse & Reverse
The 1859 G25C BG-701 is a product of the second phase of California Fractional Gold production, a fascinating and complex chapter in American numismatics. The initial 'Period One' (1852-1857) issues were born of a genuine economic necessity. The massive influx of population during the Gold Rush created an acute shortage of small denomination coinage for daily transactions, a void that federal coinage, arriving by sea, could not adequately fill. Enterprising jewelers and metalsmiths began striking their own quarter, half, and one-dollar gold pieces. By 1859, the situation had evolved. The San Francisco Mint, opened in 1854, had significantly alleviated the coin shortage. However, the demand for the tiny gold pieces persisted, shifting from a primarily commercial to a souvenir and novelty function. These 'Period Two' (1859-1882) pieces, often called 'jeweler's issues,' were struck for merchants, tourists, and locals who were captivated by the romance of the Gold Rush and the novelty of minuscule gold coins. The BG-701 is attributed, though not definitively, to the firm of Gaime, Guillemot & Co., one of several such jewelers in San Francisco. Unlike the earlier, often cruder Period One issues that sometimes attempted to approximate federal designs, Period Two pieces frequently exhibit more refined and sometimes whimsical artistry. They were often intentionally underweight for their stated value, as their purpose was no longer monetary exchange but to serve as keepsakes. The Coinage Act of 1864 made private coinage illegal, but the law was not strictly enforced against these small tokens until the early 1880s, allowing for a long and varied production run. The BG-701, with its distinctive Liberty portrait and octagonal shape, is a tangible link to this era of entrepreneurial adaptation, capturing the transition of California's economy from the raw necessity of the Gold Rush to a more mature and nostalgic period.
Associated EventCalifornia Gold Rush Aftermath
Reason For MintingPrimarily created to serve the growing demand for souvenirs and keepsakes of the California Gold Rush, rather than to alleviate a coin shortage.
Minter HistoryAttribution to Gaime, Guillemot & Co. is based on stylistic analysis and period business directories. This firm, like many Period Two producers, was likely comprised of French-immigrant jewelers operating in San Francisco. These artisans leveraged their metalworking skills to meet a new market niche. They were not assayers in the mold of Moffat & Co. or Kellogg & Co., but rather small-scale manufacturers creating products for public sale in a largely unregulated environment. Their primary business was jewelry, and these gold tokens were a profitable and popular sideline.
Historical SignificanceThe BG-701 is emblematic of the evolution of California Fractional Gold from utilitarian currency to cherished souvenir. It represents the commercialization of the Gold Rush mystique and the ingenuity of private entrepreneurs in a frontier economy. As a 'Period Two' piece, its existence highlights a numismatic gray area where privately issued, denominated items continued to be produced and sold long after their original economic justification had passed, operating until federal laws were more stringently enforced.
N/A
DenominationG25C (25 Cents)
Minting Period1859
Assayer/MinterGaime, Guillemot & Co. (unconfirmed)
Geographic OriginSan Francisco, California
Obverse DescriptionFeatures a Liberty Head portrait facing left, stylistically distinct from federal coinage of the period. The portrait is somewhat crude but bold. Thirteen stars encircle the portrait, representing the original colonies.
Obverse InscriptionNo textual inscription; features portrait and 13 stars.
Reverse DescriptionThe central device is the denomination '1/4' and the word 'DOLLAR', all enclosed within a wreath of leaves. The date '1859' is located at the bottom of the wreath.
Reverse Inscription1/4 DOLLAR 1859
CompositionGold
Stated Fineness Actual Fineness0
Weight0.25 grams
Diameter9.00 mm
EdgePlain
Unknown
Survival Estimate75-125
Rarity ScaleR-6-
This variety appeals to collectors for its high rarity (R-6), its status as a Period Two issue with a distinct design, and the challenge of finding a well-struck, problem-free example. The octagonal shape is a classic feature of the series that adds to its charm. The 'PL' (Prooflike) designation on the user's requested coin indicates a specimen with reflective fields, a highly desirable and scarce characteristic for this type.
Key VarietiesThe primary classification for California Fractional Gold is the Breen-Gillio (BG) catalog number. The BG-701 is a specific die marriage. While there are no major varieties of BG-701 itself, the broader 1859 G25C category contains other BG numbers (like BG-702) struck by different makers with different designs. No known official restrikes, patterns, or trial pieces exist for BG-701; all known examples are considered 'regular strikes' from the original period of issue.
Authentication TipsAuthentic pieces should exhibit the correct die characteristics for BG-701. Pay close attention to the style of the Liberty portrait and the font of the reverse lettering, comparing them to known genuine examples. Period Two pieces were often hand-struck, so look for evidence of this process. Counterfeits and modern replicas abound; many are brassy in color, have mushy details, or lack a denomination, sometimes saying 'CAL GOLD' instead of 'DOLLAR'. Genuine pieces have a distinct feel and color of real gold, albeit often of a lower fineness. A reputable third-party grading service is highly recommended for authentication.
Shopping ConsiderationsFor a premium quality BG-701, look for a sharp, well-centered strike. The stars on the obverse and the wreath details on the reverse are key areas to inspect for weakness. Original, lustrous surfaces are paramount; many surviving examples have been cleaned, polished, or used as jewelry. A 'premium' piece will have minimal distracting marks and retain its original 'skin' or patina. The 'PL' designation is exceptionally rare and commands a significant premium, so verify the reflectivity of the fields is consistent and not the result of polishing. Avoid examples with evidence of tooling, harsh cleaning, or solder marks from having been mounted in jewelry.
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 TypesAll original 1859 G25C BG-701 coins were struck as business strikes, intended for sale as souvenirs. They are found in Circulated (1-58) and, more commonly for this type, Mint State (MS, 60-70) grades. No proofs were struck during the original period of issue. The 'PL' or Prooflike designation is a special surface characteristic applied to business strikes that were struck with highly polished dies, resulting in mirror-like fields. A PL designation is not a separate issue type but rather a desirable attribute of a business strike.
Mint State CharacteristicsAn uncirculated BG-701 is defined by the quality of its luster and the sharpness of its strike. Luster on these pieces is typically satiny. High-end examples, particularly those designated PL, will have reflective, mirror-like fields that contrast with frosted devices. The strike is often uneven due to the crude hand-striking process. A well-struck piece will show full details in Liberty's hair and the leaves of the wreath. Due to the softness of the gold and their handling as keepsakes, even high-grade specimens can have small contact marks or hairlines.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes Liberty's cheek, hair, and the tips of the stars. On the reverse, the high points of the wreath and the numerals of the fraction '1/4' will show the first signs of friction and rubbing. In lower circulated grades (VF and below), the legends will begin to soften, and the finer details of the wreath will merge.
Key Factors For ValueThe primary drivers of value for an 1859 BG-701 are grade and surface quality. An example with original, uncleaned surfaces commands a massive premium over a cleaned or polished coin of the same grade. Strike quality is also critical; a sharply struck coin is far more desirable than one with weak details. Eye appeal, encompassing attractive natural toning and a lack of distracting marks, is very important. Finally, the PL designation adds a significant multiplier to the value, as does certification by a top-tier grading service (PCGS or NGC), with a CAC sticker adding a further premium for exceptional quality within the assigned grade.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 64 | $1,750.00 | N/A |
| 64+ | $2,000.00 | N/A |
| 65 | $3,250.00 | N/A |
| 67 | N/A | N/A |