1868 G50C BG-1019 (Regular Strike)
Obverse & Reverse
The 1868 G50C BG-1019 is a quintessential example of 'Period Two' California Fractional Gold. Unlike the earlier 'Period One' issues (1852-1857) which were struck to alleviate a severe shortage of small-denomination coinage during the initial chaos of the Gold Rush, the Period Two pieces were created in a more stable economic environment. By 1868, the San Francisco Mint was in full operation, producing ample federal coinage for commerce. The immediate necessity for private coinage had vanished. Instead, these later issues were primarily produced by jewelers and novelty makers to be sold as souvenirs, keepsakes for tourists, and mementos of the romanticized Gold Rush era. The Coinage Act of 1864 had officially made private coinage illegal, but the law was not strictly enforced in California until the Secret Service cracked down in 1883. This legal gray area allowed numerous San Francisco jewelers, like Robert B. Gray & Co., to continue minting these denominated tokens. They were not intended to circulate as money, though their gold content gave them intrinsic value. Their designs often mimicked federal gold coinage, featuring Liberty heads and wreaths, which lent them an air of legitimacy and made them more appealing as souvenirs. The BG-1019, with its classic Liberty Head motif, is a direct product of this souvenir trade. These tiny gold pieces were marvels of the jewelers' art, often crudely struck by hand with a hammer, resulting in variations in strike quality. Today, they are prized by numismatists as tangible links to the post-Gold Rush era, representing a unique cottage industry that catered to a burgeoning tourist trade and a society deeply nostalgic for its recent, chaotic, and golden past.
Associated EventCalifornia Gold Rush Aftermath & Souvenir Trade
Reason For MintingPrimarily created as souvenirs and keepsakes for a growing tourist trade and for locals nostalgic for the Gold Rush era.
Minter HistoryRobert B. Gray & Co. was a San Francisco firm of jewelers and die sinkers active in the post-Civil War era. Like many of their contemporaries, they recognized the commercial potential in producing small, denominated gold tokens as souvenirs. They were one of several firms that produced a wide variety of these 'Period Two' fractional gold pieces, often adapting familiar coinage designs for their products. Their work is cataloged extensively in the Breen-Gillio reference.
Historical SignificanceThis coin is significant not as a medium of exchange, but as a historical artifact of the post-Gold Rush California economy. It represents the transition of fractional gold from a necessary component of commerce to a nostalgic souvenir, reflecting the romanticism and burgeoning tourism that came to define San Francisco in the latter half of the 19th century.
N/A
DenominationG50C (50 Cents Gold)
Minting Period1868
Assayer/MinterRobert B. Gray & Co.
Geographic OriginSan Francisco, California
Obverse DescriptionA beaded border encloses a Liberty Head facing left, her hair tied in a bun. She wears a coronet inscribed LIBERTY (often partially illegible). Thirteen stars surround the portrait.
Obverse InscriptionLIBERTY
Reverse DescriptionA beaded border surrounds a wreath of two olive branches tied with a bow at the bottom. The denomination '50 CENTS' and date '1868' are inscribed within the wreath, with '50' above 'CENTS'. The 'G' for Gold is often omitted on the coin itself but is part of the numismatic nomenclature.
Reverse Inscription50 CENTS 1868
CompositionGold
Stated Fineness Actual FinenessVaries, but typically between .500 and .800 fine gold, substantially less than their face value would imply if they were official coinage.
Weight0.25 grams
Diameter10.00 mm
EdgePlain
Unknown; likely a few thousand.
Survival Estimate76-150 (Per Breen-Gillio Rarity Scale)
Rarity ScaleR-5
The BG-1019 is popular due to its classic federal-style design, affordability relative to Period One issues, and its status as a tangible piece of Gold Rush nostalgia. Its small size and charm make it an accessible entry point into the complex world of California Fractional Gold.
Key VarietiesThe primary variety is the regular business strike. While some Period Two fractionals are found with prooflike surfaces, true Proofs were not struck. No major die varieties are widely collected for BG-1019, but collectors may seek out examples with particularly sharp strikes or interesting die cracks, such as the reverse crack noted by Heritage Auctions between 1 and 6 o'clock on some examples. There are no known later-date restrikes.
Authentication TipsAuthentic pieces have a specific 'look'—the gold is often a brassy yellow, and the strike is characteristically soft in areas, especially on the word LIBERTY and the date. Counterfeits are common; many are underweight, have a soapy or cast-like appearance, or feature incorrect design details (e.g., wrong font, poorly rendered stars). Comparison with high-resolution images of certified examples is crucial. Third-party grading is highly recommended for this series.
Shopping ConsiderationsA premium quality example for its grade will exhibit an unusually sharp strike, particularly on the highest points like Liberty's hair and the coronet details. Look for original, lustrous surfaces with a pleasing 'sun-gold' or 'pumpkin-gold' color. Many examples are weakly struck on the date, so a fully legible date commands a premium. Avoid coins that have been harshly cleaned, which strips the original skin and imparts hairline scratches. Also, be wary of pieces with significant planchet flaws or detracting marks on the central design elements, as these tiny coins are easily damaged.
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 for circulation, but they are graded along the same Circulated (1-58) and Mint State (MS, 60-70) scale. No true Proofs were struck during the original period of issue. However, some examples were struck on highly polished planchets and exhibit prooflike (PL) or deep prooflike (DPL) surfaces, which are noted by grading services and command a premium.
Mint State CharacteristicsAn uncirculated (MS) BG-1019 will have uninterrupted luster, though the quality can range from satiny to semi-prooflike. The strike is often average to weak, particularly on the coronet inscription and the date. Due to the hand-hammering process, planchets can be irregular. High-end mint state examples are prized for having a sharp strike, clean surfaces with minimal contact marks, and vibrant original color.
Circulated Wear PatternsAlthough not intended for circulation, some pieces did see handling. Wear first appears on the high points of Liberty's cheek, hair above the eye, and the coronet. On the reverse, the highest points of the wreath's leaves and the bow will show flatness first. In lower grades, the stars and legends will begin to merge with the fields.
Key Factors For ValueThe primary value drivers are grade and surface quality. An example with original, uncleaned surfaces and strong luster will always be worth more than a cleaned or dull specimen of the same grade. Strike sharpness is a major consideration; coins with a fully struck date and clear details on the Liberty head are highly desirable. Eye appeal, including attractive original toning (often a reddish or orange-gold hue), adds a significant premium. A CAC sticker for this issue confirms premium quality for the grade and will result in a higher market value.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 30 | $250.00 | 1 |
| 35 | $260.00 | N/A |
| 40 | $270.00 | N/A |
| 45 | $280.00 | 1 |
| 45+ | $285.00 | N/A |
| 50 | $290.00 | N/A |
| 50+ | $295.00 | N/A |
| 53 | $310.00 | N/A |
| 53+ | $320.00 | N/A |
| 55 | $330.00 | 2 |
| 55+ | $335.00 | N/A |
| 58 | $340.00 | 4 |
| 58+ | $355.00 | N/A |
| 60 | $400.00 | 1 |
| 61 | $475.00 | 5 |
| 62 | $600.00 | 10 |
| 62+ | $750.00 | N/A |
| 63 | $1,050.00 | 5 |
| 63+ | $1,250.00 | N/A |
| 64 | $1,650.00 | N/A |