1878/6 G50C BG-952A (Regular Strike)
Obverse & Reverse
The 1878/6 G50C, cataloged as Breen-Gillio 952A, represents the fascinating second act in the story of California's private gold coinage. The initial 'Period One' (1852-1857) issues were born of necessity, created to alleviate a crippling shortage of small change in the gold fields. However, by the time this piece was struck, the economic landscape had changed. The San Francisco Mint was producing ample federal coinage, and the original impetus for fractional gold had vanished. These later 'Period Two' (1859-1882) pieces, often called 'jeweler's issues,' transitioned from functional currency to cherished souvenirs. They were a tangible, affordable link to the Gold Rush mystique, eagerly purchased by tourists and locals alike to be sent back East or worn as jewelry. Gaetano F. Esherick, a prominent San Francisco jeweler and die sinker, was a master of this souvenir trade. Unlike the often crude Period One issues, Esherick's coins exhibit a higher level of artistry and technical skill. He understood his market was not miners needing to buy a drink, but romantics captivated by the West. The Coinage Act of 1864 had outlawed private coinage, a law that was enforced with increasing seriousness by the Secret Service by the late 1870s. To circumvent this, minters employed a clever ruse: backdating. By using dates from the pre-enforcement era, such as the 1878 seen here (itself created by punching an '8' over the '6' on an older 1876 die), they could argue the pieces were old stock. This specific variety, the 1878/6, is a testament to this practice of frugality and legal maneuvering, where perfectly usable dies were updated for a new year's production. These tiny gold pieces, too small for practical commerce, thus embody the evolution of the California Dream—from a gritty quest for wealth to a romanticized, marketable legend.
Associated EventPost-Gold Rush California Tourism
Reason For MintingTo serve the growing market for souvenirs and keepsakes related to the California Gold Rush, while circumventing federal private coinage laws through backdating.
Minter HistoryGaetano Francis Esherick (c. 1823-1893) was a key figure in the production of 'Period Two' California Fractional Gold. A professional jeweler, watchmaker, and die sinker in San Francisco, Esherick produced a prolific number of varieties from the early 1870s until the final suppression of private issues in 1882. His work is noted for its relatively high quality and standardized designs, particularly the Indian Head motif. He operated under the constant threat of legal action from the U.S. government, leading him and other jewelers to backdate their coin dies to create the impression they were pre-1864 issues.
Historical SignificanceThis coin is a prime example of a 'Period Two' or 'Jeweler's Issue' of California Fractional Gold, significant not as circulating money but as a historical artifact of the era's robust souvenir trade and the legal strategies private minters used to continue production after the Coinage Act of 1864.
N/A
DenominationG50C (Gold 50 Cents)
Minting Period1878 (using an altered 1876 die)
Assayer/MinterGaetano Francis Esherick
Geographic OriginSan Francisco, California
Obverse DescriptionAn Indian Head portrait facing left, adorned with a feathered headdress. The portrait is surrounded by 13 five-pointed stars. The date, 1878, is below the bust, with the '8' clearly punched over a '6'. Die striations are common and often prominent in the fields.
Obverse Inscription1878
Reverse DescriptionThe denomination '1/2' is enclosed within a wreath of two oak leaves and a central bow. The legend 'CALIFORNIA GOLD' encircles the wreath.
Reverse InscriptionCALIFORNIA GOLD 1/2
CompositionGold
Stated Fineness Actual FinenessTypically 14 to 21 karats for Period Two issues, but often inconsistent.
Weight0.25 grams
Diameter10.00 mm
EdgePlain
Unknown, but very small.
Survival EstimateFewer than 20
Rarity ScaleR-6 (Very Rare: 13 to 30 known)
The BG-952A is highly sought after for its clear and interesting 1878/6 overdate, its connection to the well-documented minter G.F. Esherick, and its status as a scarce representative of the legally-dubious but fascinating 'jeweler's issues' of the 1870s.
Key VarietiesThe primary variety is the 1878/6 overdate (BG-952A). The base 1876 issue is BG-951. No proof or special collector strikings are known from the period of issue; all were produced as business strikes, though many exhibit prooflike surfaces from polished dies.
Authentication TipsAuthentic Period Two fractionals are very thin and struck on solid gold planchets. Suspect any piece that feels thick or has a soapy, indistinct look. The key diagnostic is the denomination '1/2' inside the wreath; genuine pieces must be denominated. Replicas often have a bear on the reverse or lack a denomination entirely. Look for sharp, albeit sometimes unevenly impressed, details consistent with manual hammer striking. The overdate should show a clear remnant of the underlying '6' beneath the '8'.
Shopping ConsiderationsA premium quality example will show a bold overdate and strong details on the Indian's headdress and the wreath leaves. Many examples were weakly struck, particularly at the centers or peripheries, due to the nature of hammer striking. Seek out pieces with bright, original prooflike or satiny luster and minimal distracting marks. Because these were often kept as souvenirs, rim bumps and evidence of jewelry mounting are common and should be carefully checked for; such damage significantly reduces value. Cleaning is also prevalent; a coin with original, undisturbed 'skin' commands a substantial premium.
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 and are found in both Circulated (1-58) and Mint State (MS, 60-70) grades. Due to their status as keepsakes, many survive in high grades. The use of polished dies was common, so many Mint State examples are designated as 'Prooflike' (PL), but this does not mean they are true Proof coins. No Proof (PR/PF) examples were struck during the original period of issue.
Mint State CharacteristicsAn uncirculated BG-952A is defined by its luster, which can range from satiny to deeply prooflike and reflective. Strike is a key variable; due to the manual striking process, perfect strikes are rare. Expect to see some softness in the high points of the feathers or the bow on the wreath. Heavy die striations (parallel lines in the fields from die polishing) are characteristic of this issue and not considered a flaw. Contact marks, though small, can be prominent on the delicate surfaces and will affect the grade.
Circulated Wear PatternsWear first appears on the highest points of the design: the cheek and the feathers of the Indian's headdress. On the reverse, the bow and the high points of the leaves will show flatness and loss of detail. On lower grade examples, the stars and legends will begin to merge with the fields.
Key Factors For ValueFor the BG-952A, the most important value factors are the strength and clarity of the 1878/6 overdate, the quality of the strike, and the preservation of the original surfaces. A sharp strike showcasing intricate feather detail is highly desirable. Deeply prooflike fields with frosty devices (a 'cameo' look) command the highest premiums. Eye appeal is paramount; coins that are free of distracting spots, stains, or evidence of harsh cleaning will always be more valuable. A CAC sticker for this issue indicates premium quality for the grade and adds significant value.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 62 | $6,500.00 | N/A |