1865/4 25C BG-736, PL (Regular Strike)
Obverse & Reverse
The 1865/4 25C, cataloged as Breen-Gillio 736, represents a fascinating chapter in the history of private coinage during the American Civil War. Struck in San Francisco, this minuscule gold piece belongs to what numismatists classify as 'Period Two' (1859-1882) of California Fractional Gold production. Unlike the earlier 'Period One' issues, which were struck out of genuine necessity to alleviate a severe shortage of small change during the initial Gold Rush boom, Period Two pieces were created in a more established economic environment. By 1865, the San Francisco Mint was in full operation, producing ample federal coinage. The rationale for producing these tiny gold coins had shifted from commercial necessity to a thriving market for souvenirs and curiosities. Jewelers and private minters like Robert B. Gray & Co. recognized the immense national and international fascination with the California Gold Rush. These fractional gold pieces were tangible, affordable mementos of the great Western adventure. The timing of this particular issue is notable. Struck in 1865, it appeared as the Civil War was drawing to a close, a time of immense national turmoil and economic strain. While California was geographically isolated from the main theaters of war, its gold was a critical financial underpinning for the Union. The continued production of private gold tokens, even in this tumultuous period, speaks to the robust and somewhat independent nature of the San Francisco economy. The technical production of BG-736, like most of its contemporaries, was often crude. They were typically hand-struck, leading to inconsistencies in strike quality. The dies for BG-736 were famously overworked, showing a clear 5 over 4 overdate and significant lapping (polishing), which resulted in blunt details, particularly on the portrait of Liberty and the stars. Despite the Private Coinage Act of April 22, 1864, which made such private issues illegal, enforcement by the Secret Service was lax in California until the early 1880s, allowing firms like Gray's to continue production for years.
Associated EventCalifornia Gold Rush (Later Period)
Reason For MintingPrimarily struck to be sold as popular souvenirs and curios of the California Gold Rush rather than to fill a circulating coinage need.
Minter HistoryRobert B. Gray & Co. was a prominent San Francisco jewelry firm that became a significant producer of 'Period Two' California Fractional Gold. Around 1859-60, Gray's company succeeded the interests of another notable minter, Antoine Nouizillet, and continued to use some of his existing dies while also creating their own. Pieces attributed to Gray are sometimes marked with a 'G', although many, like BG-736, are identified by die characteristics and style. The firm operated in the heart of San Francisco's commercial district and was a key player in the lucrative market for gold charms and keepsakes, continuing production well after the 1864 act that outlawed private coinage. In 1871, Gray sold his interests to the California Jewelry Co.
Historical SignificanceBG-736 is a significant representation of the transition of fractional gold from utilitarian coinage to commercial souvenirs. Its issuance during the final year of the Civil War provides a tangible link to the California economy of the period, and its distinct manufacturing characteristics, such as the clear overdate and lapped dies, offer a case study in mid-19th century private minting practices.
BG-736
Denomination25C
Minting Period1865
Assayer/MinterRobert B. Gray & Co.
Geographic OriginSan Francisco, California
Obverse DescriptionA rudimentary bust of Liberty facing left, her hair tied in a bun. The portrait is often poorly defined due to heavy die lapping. The bust tip extends to the rim. Thirteen misshapen, blob-like stars encircle the portrait.
Obverse Inscription Reverse DescriptionA simple wreath surrounds the denomination '1/4' and the word 'DOLLAR'. The date '1865' appears below the wreath. The '5' in the date is clearly punched over a '4'.
Reverse Inscription1/4 DOLLAR 1865
CompositionGold
Stated Fineness Actual FinenessVariable, typical for Period Two issues, often lower than federal standards.
Weight0.38 grams
Diameter9.70 mm
EdgePlain
Unknown
Survival Estimate31-75 known examples
Rarity ScaleLow R-6
This variety is highly sought after for its dramatic and clear 1865/4 overdate, its Civil War-era issuance, and its status as a challenging 'Low R-6' collectible. The often Prooflike (PL) surfaces add to its aesthetic appeal.
Key VarietiesThe primary variety is the BG-736 overdate itself. No major sub-varieties from the original minting period are widely recognized. No special collector restrikes or patterns are known to exist; all known examples are considered business strikes, though many were produced with prooflike surfaces for the souvenir market.
Authentication TipsKey diagnostics for a genuine BG-736 include the prominent 1865/4 overdate, the characteristically weak, lapped, and 'blunt' appearance of Liberty's portrait, and stars that appear as simple blobs rather than well-defined stars. The tip of Liberty's bust should extend to the rim. Most fakes are too sharply struck and well-defined. Genuine pieces were denominated; replicas often lack a face value or use phrases like 'CAL GOLD CHARM'. Period Two pieces often have unstruck areas or surface imperfections due to the thinness of the planchets and crude production methods.
Shopping ConsiderationsA premium quality example for its grade will exhibit sharply mirrored, prooflike fields, which justifies the 'PL' designation sometimes seen on grading labels. Look for minimal distracting marks, as the soft gold is easily damaged. The strike is characteristically weak, so do not expect full details on Liberty's hair or the wreath; a coin that is 'fully struck' should be viewed with suspicion. Focus on originality of the surfaces; many have been cleaned or harshly polished over the years, which drastically reduces value. An example with original, undisturbed golden-orange luster is highly desirable. Avoid pieces that have been bent, holed, or used as 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 BG-736 coins were business strikes, created for commercial sale as souvenirs. They are found in Circulated (1-58) and, more commonly, Mint State (MS, 60-70) grades due to their nature as keepsakes. No true Proofs were struck during the original period. However, many were struck on highly polished planchets to enhance their appeal, resulting in a Prooflike (PL) or Deep Prooflike (DPL) appearance. These PL/DPL examples are not a different type of strike, but a surface characteristic of a business strike, and they are highly prized by collectors.
Mint State CharacteristicsUncirculated examples are defined by their luster, which is typically bright and reflective, often with deep mirroring in the fields. The dies used for BG-736 were heavily polished, so this prooflike characteristic is inherent to the issue. The strike is characteristically weak and blunt on the high points of Liberty's portrait and the wreath. The stars are expected to be indistinct blobs. Contact marks are common and, due to the mirrored surfaces, can be very noticeable. A premium MS example will have minimal marks and strong 'flash' to its fields.
Circulated Wear PatternsWear first appears on the highest points of the design: Liberty's cheek, the hair above her eye, and the highest leaves and bow of the wreath. On octagonal issues, the corners of the coin are also susceptible to friction and may show the first signs of slight metal displacement. In lower grades (VF and below), the date and denomination will show significant flattening.
Key Factors For ValueFor the BG-736, the most critical value factors are surface preservation and eye appeal. A coin with deep, clean, original prooflike surfaces will command a significant premium over a hazy or marked-up example of the same grade. The visibility of the overdate is also key; a bold and unmistakable '5 over 4' is highly desirable. While the strike is inherently weak, examples with slightly better definition than the norm are favored. Original, uncleaned 'skin' with a pleasing reddish-gold toning adds to the value. A CAC sticker for this issue provides a strong endorsement of quality and originality, often resulting in a substantial price premium.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 64 | N/A | 1 |