1873 G25C BG-873 (Regular Strike)
Obverse & Reverse
The 1873 G25C BG-873 is a tangible artifact from the latter phase of California's fascinating fractional gold series. By 1873, the initial impetus for these tiny coins—a severe shortage of small change during the Gold Rush—had long subsided. The San Francisco Mint, established in 1854, was producing ample quantities of federal silver and gold coinage, rendering private issues unnecessary for commerce. Consequently, the pieces struck in this era, classified by numismatists as 'Period Two' (1858-1882), were created not to fill a monetary void but to satisfy a burgeoning market for souvenirs and keepsakes. San Francisco jewelers, who had the skills and equipment to strike these miniature coins, found a steady demand from tourists, nostalgic settlers, and individuals wanting to send a small, impressive piece of California gold back East. These 'jeweler's issues' were often designed to mimic federal coinage, featuring Liberty or Indian heads, to enhance their appeal as legitimate-looking mementos. Although the Coinage Act of 1864 had prohibited private coinage, enforcement was lax until the Secret Service finally cracked down in 1883, effectively ending the era of fractional gold production. The BG-873 variety, dated 1873, represents this final chapter, a period when the entrepreneurial spirit of the Gold Rush had transitioned from fulfilling a critical economic need to capitalizing on its powerful legacy. These pieces were often struck with backdated years to circumvent the 1864 law, but the 1873 date places this variety squarely within the active souvenir period. Their intrinsic value was substantially less than their face value, functioning more as tokens than true coins, yet they remain a direct link to the private minting traditions that defined California's early economic history.
Associated EventPost-Gold Rush California Commerce and Tourism
Reason For MintingPrimarily struck to be sold as souvenirs and keepsakes for tourists and locals, not for general circulation.
Minter HistoryThe specific minter or jeweler who produced the BG-873 variety is not definitively known, a common trait for many Period Two fractional gold pieces. Production was decentralized among various San Francisco jewelers who possessed the die-sinking and coin-striking capabilities. These craftsmen, many of whom were of French or German origin, leveraged their metallurgical skills to create a wide array of designs to appeal to the souvenir trade. Their identities are often lost to history, with attribution sometimes only possible through die analysis linking their work to other known pieces.
Historical SignificanceThe BG-873 represents the evolution of California fractional gold from a necessary form of currency to a commercial souvenir. It highlights a mature California economy where the memory and allure of the Gold Rush itself had become a marketable commodity. As a Period Two issue, its existence speaks to the lax enforcement of federal coinage laws and the persistent cottage industry that grew up around the romanticism of California gold.
BG-873
Denomination25 Cents
Minting Period1873
Assayer/MinterUnknown Private Minter
Geographic OriginSan Francisco, California
Obverse DescriptionFeatures a stylized Indian Head facing left, surrounded by thirteen stars representing the original colonies. The portraiture on these later-date issues can vary in quality and artistic style, but typically shows a female figure with a feathered headdress.
Obverse Inscription[None - Date is on Reverse]
Reverse DescriptionA wreath of leaves and berries encircles the denomination '1/4 DOLLAR' and the date '1873'. The style of the wreath and the font of the inscription are key diagnostics for attributing specific Breen-Gillio varieties.
Reverse Inscription1/4 DOLLAR 1873
CompositionGold
Stated Fineness Actual FinenessVaries significantly, typically 14 to 22 karats (.583 to .917 fine).
EdgePlain
Unknown
Survival EstimateUnknown, but considered scarce.
Rarity ScaleR-5 (Rare: 31-75 known)
This variety appeals to specialists in the extensive California Fractional Gold series. Its allure lies in the challenge of collecting by Breen-Gillio number, its historical connection to post-Gold Rush San Francisco, and the intrinsic charm of its miniature size and design. Period Two issues like this are generally more affordable than their Period One circulating counterparts, making them an accessible entry point for date and type collectors.
Key VarietiesThe BG-873 is itself a specific die variety. No major sub-varieties, patterns, or restrikes are commonly associated with this specific catalog number. The primary variations within the broader series are the dozens of different die pairings used by various jewelers, each assigned a unique BG number.
Authentication TipsAuthentic pieces should exhibit a sharp strike from steel dies, though weakness in areas is common due to the crude hammer-striking process. Look for die cracks or other repetitive markers consistent with known examples. The surfaces should not have a cast or porous appearance. Crucially, genuine fractional gold must bear a denomination (e.g., 'DOLLAR' or 'CENTS'). Modern replicas often omit a denomination or feature a bear on the reverse, a design element never used on genuine 19th-century issues. Weight and fineness can vary, making them less reliable authentication tools on their own without comparison to known genuine examples.
Shopping ConsiderationsA premium quality example for this issue will exhibit a sharp, well-centered strike, particularly on the high points of the Indian's headdress and the details within the wreath. Original, lustrous surfaces are highly prized and command significant premiums; many surviving examples have been cleaned, polished, or used in jewelry. Look for undisturbed 'skin' with warm, reddish-gold or mellow yellow-gold toning. Avoid pieces with scratches, rim bumps, or evidence of having been previously mounted in jewelry. Given the imprecise nature of their production, a coin that is aesthetically pleasing with strong eye appeal is often more desirable than a technically higher-graded but weakly struck or unattractive specimen.
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 like BG-873 were business strikes. As they were sold as souvenirs, many never circulated and are found in high grades, from About Uncirculated (AU) to Mint State (MS, 60-70). Circulated examples exist but are less common than for Period One issues. No proofs were struck during the original manufacturing period, and there are no known later-date proof restrikes for this specific variety.
Mint State CharacteristicsIn uncirculated (MS) condition, the BG-873 should exhibit full mint luster, which is often satiny or slightly prooflike. Strike quality is a key variable; many were made by hand-hammering, so perfectly sharp strikes are the exception, not the rule. Weakness on the stars or the date is common. The tiny surfaces are susceptible to contact marks, even on high-grade pieces, which may appear as minute ticks or scuffs under magnification.
Circulated Wear PatternsOn circulated examples, wear will first appear on the highest points: the cheek and the feathers of the Indian's headdress on the obverse, and the leaves and bow of the wreath on the reverse. As wear progresses, the stars will begin to lose their definition and the fine details of the date will become soft.
Key Factors For ValueFor the BG-873, value is driven by several factors. Grade is paramount, with a sharp jump in price for each point in Mint State. The quality of the strike is critical; a well-struck MS-63 can be more valuable than a weakly struck MS-64. Surface preservation is next; an example with original, un-cleaned surfaces and attractive luster will always command a premium. Finally, certification by a top-tier grading service (PCGS or NGC) is essential for market acceptance and liquidity, with a CAC sticker adding a further premium for coins deemed superior for their grade.