1869 G25C BG-831 (Regular Strike)
Obverse & Reverse
The 1869 25 Cents, cataloged as Breen-Gillio 831, is a product of the second major phase of California fractional gold production (1859-1882). This era, often termed the 'Jeweler's Period,' stands in contrast to the initial 'Period One' (1852-1857) issues, which were struck with at least a nominal intent to alleviate a shortage of small change in the gold fields. By 1869, the San Francisco Mint was in full operation, producing ample federal silver coinage and eliminating the practical need for private fractional gold. Consequently, the purpose of these tiny gold pieces shifted dramatically. They became popular souvenirs and keepsakes, novelties for tourists and locals alike, mementos of the now-legendary Gold Rush. These Period Two pieces were struck by a variety of jewelers and artisans in San Francisco, most of whom remain anonymous. Unlike their predecessors, these coins were intentionally struck with a gold content far below their face value, functioning essentially as privately-issued tokens. The Coinage Act of 1864 had explicitly forbidden the private issuance of coinage, but enforcement was lax, allowing this souvenir trade to flourish for nearly two decades. The BG-831 is an exemplar of this period: a tiny, often crudely struck piece not meant for the rigors of commerce but for the waistcoat pocket or a lady's locket. Its existence speaks to a California transitioning from a raw frontier economy to a more mature state, one that was already beginning to monetize and romanticize its own recent history.
Associated EventPost-Gold Rush California Economy
Reason For MintingPrimarily created as a souvenir or novelty item for the tourist trade, not for general circulation.
Minter HistoryThe specific minter for BG-831 is unknown, which is common for Period Two issues. They were generally produced by various jewelers and metalworkers based in San Francisco who capitalized on the demand for Gold Rush souvenirs. These craftsmen operated small, private enterprises and rarely, if ever, placed their own identifying marks on their products.
Historical SignificanceThis coin is a tangible artifact of the post-Gold Rush era in California, representing the shift from creating private coinage out of necessity to producing it as a commercial souvenir. It highlights a period of weak federal enforcement of anti-private-coinage laws and showcases the public's fascination with gold and the romanticism of the '49er experience.
BG-831
Denomination25 Cents (G25C)
Minting Period1869
Assayer/MinterUnknown Jeweler
Geographic OriginSan Francisco, California
Obverse DescriptionFeatures a Liberty Head facing left, a design common to this series. The portrait is typically rendered in a simple, almost crude style. The head is surrounded by 13 stars, representing the original colonies.
Obverse Inscription Reverse DescriptionA wreath of leaves and berries surrounds the denomination. The date, 1869, is typically located within the wreath, often below the fraction. The overall strike is often weak in areas, particularly on the finer details of the wreath.
Reverse Inscription1/4
CompositionGold
Stated Fineness Actual FinenessVariable, but typically low fineness gold, often well below the .900 standard of federal coinage.
Diameter9.70 mm
EdgePlain
Unknown
Survival EstimateExtremely low; likely fewer than 10 known specimens.
Rarity ScaleR-7 (4-12 known)
The BG-831 is a significant rarity, appealing to advanced specialists of California fractional gold who seek to complete date and variety sets. Its allure lies in its elusiveness and its direct connection to the romantic souvenir trade of 1860s San Francisco.
Key VarietiesNo major varieties of the BG-831 are widely known. The series itself has no special collector issues like restrikes from the period, as these were produced as single commercial products. Later 20th-century copies and replicas of California fractional gold exist, but they are not considered part of the original series and are easily distinguished by experts.
Authentication TipsAuthentication requires comparison to known genuine examples, ideally using the photographic plates in the Breen-Gillio reference. Look for the correct die markers, style of the portrait, and font used for the date. Period Two pieces often have a brassy or lower-karat gold appearance. Counterfeits are common in the series; many are cast or have incorrect design details. Any piece with a bear on it is a modern fantasy piece. Given the rarity, third-party authentication by PCGS or NGC is essential.
Shopping ConsiderationsFor a coin of this rarity, any example that appears on the market is a major event. A 'premium quality' example would be one that is well-struck for the issue, with clear date and legends, and minimal marks. Many of these pieces were handled as jewelry, so evidence of soldering or mounting should be carefully looked for. Original, uncleaned surfaces with a hint of reddish-gold patina are highly desirable. Due to their minuscule size and the often-crude manufacturing process, perfectly struck, problem-free specimens are virtually nonexistent. Focus on overall eye appeal and the absence of distracting damage.
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, although intended as souvenirs rather than for heavy circulation. They are found in Circulated (1-58) and, more commonly for Period Two issues, Mint State (MS, 60-70) grades. No Proofs were struck during the original minting period, and there are no known official, later-date Proof restrikes for this issue.
Mint State CharacteristicsUncirculated examples of Period Two fractionals are often characterized by a soft, satiny luster rather than a hard, frosty one. Strikes are notoriously inconsistent; it is common to find weakness on the high points of Liberty's hair and the leaves of the wreath. Small planchet flaws, fissures, or adjustment marks are not unusual and should be assessed for severity. Due to their status as souvenirs, many Mint State examples survived, but they are often plagued by hairline scratches from being kept with other jewelry or trinkets.
Circulated Wear PatternsOn circulated examples, wear first appears on the high points of Liberty's hair, cheek, and the bow holding the wreath together. As wear progresses, the stars and the individual leaves of the wreath will begin to merge. In lower grades (VF and below), the date will become faint and parts of the legend may be obliterated.
Key Factors For ValueFor the BG-831, rarity is the paramount factor. Any authenticated example is valuable. Beyond that, value is determined by the sharpness of the strike—a boldly struck coin with full details is a major condition rarity. Surface preservation is critical; coins that retain their original skin and have not been cleaned, polished, or used as jewelry command significant premiums. Eye appeal, encompassing attractive original color and a lack of distracting marks, is also a key driver of price. A CAC sticker on an already-graded coin would provide a further, substantial premium, confirming its quality for the assigned grade.