1873 G25C BG-871, PL (Regular Strike)
Obverse & Reverse
The 1873 BG-871 25 Cents is a quintessential example of a 'Period Two' California Fractional Gold piece. The story of these fascinating coins begins with the massive influx of population during the California Gold Rush starting in 1849. While vast quantities of gold were being extracted, the rapidly expanding economy suffered from a chronic shortage of small-denomination coinage for daily transactions. A pinch of gold dust for a drink at a saloon was an imprecise and cumbersome method of payment. To fill this void, private jewelers and metallurgists began striking their own coins in 25-cent, 50-cent, and one-dollar denominations starting in 1852. These 'Period One' (1852-1856) issues were crudely made and intended to circulate. However, by the time the BG-871 was struck in 1873, the landscape had changed. The San Francisco Mint, opened in 1854, had largely resolved the small-change crisis. Furthermore, the Coinage Act of 1864 officially prohibited the private issuance of coinage. Despite this, the law was not strictly enforced in the West until 1883. In this intervening period, from roughly 1859 to 1882, a new generation of 'jeweler's issues' emerged. These Period Two pieces, including the BG-871, were not primarily intended to circulate as money. Instead, they were created as souvenirs and keepsakes for tourists and locals enchanted by the romance of the Gold Rush. They were often better crafted than their Period One predecessors, featuring more refined designs and frequently struck with polished dies to impart Proof-Like (PL) surfaces, enhancing their appeal as jewelry or pocket pieces. The makers of these tokens remain largely anonymous, though they were likely San Francisco-based jewelers who backdated their issues to avoid the scrutiny of the Secret Service. The BG-871, with its Indian Head motif—a popular and distinctly American theme—represents this fascinating transition from necessity-driven currency to nostalgic collectible, a tiny golden link to one of the most transformative eras in American history.
Associated EventPost-California Gold Rush Era
Reason For MintingPrimarily created to serve the robust market for tourist souvenirs and novelty items in California, rather than to alleviate a coinage shortage.
Minter HistoryThe specific minter for the BG-871 variety is unknown, a common trait for Period Two fractional gold. Production is attributed to the many jewelers and private manufacturers in San Francisco who continued to produce these pieces after the 1864 Coinage Act. These makers operated semi-covertly, often backdating their coins and leaving no identifying marks to avoid federal prosecution.
Historical SignificanceThe coin is significant as an artifact of the post-Gold Rush souvenir trade and represents the final chapter of privately issued gold coinage in the United States. It demonstrates the continued romantic allure of gold and the Gold Rush era, even after the initial economic necessity for such coins had passed. These 'jeweler's issues' are a distinct numismatic category, valued for their charm and connection to California history.
N/A
Denomination25 Cents
Minting Period1873
Assayer/MinterUnknown private minter, possibly one of the San Francisco jewelers active in the period.
Geographic OriginSan Francisco, California
Obverse DescriptionFeatures a large, stylized Indian Head facing left, adorned with a feathered headdress. Thirteen stars, representing the original colonies, encircle the portrait along the rim. The date, 1873, is positioned below the bust.
Obverse Inscription1873
Reverse DescriptionThe central device is the denomination '1/4' and the word 'DOLLAR', with 'CAL' below it. This is all enclosed within a simple, open-ended wreath composed of two branches tied together at the bottom.
Reverse Inscription1/4 DOLLAR CAL
CompositionGold
Stated Fineness Actual FinenessVariable, but generally lower than federal issues.
EdgePlain
Unknown
Survival Estimate13-30 known examples.
Rarity ScaleR-6+
This variety is sought after due to its high rarity (R-6+), attractive Indian Head design, and its status as a Period Two 'jeweler's issue.' Examples with Proof-Like (PL) surfaces are particularly desirable, offering exceptional eye appeal for such a minuscule coin. It represents a tangible piece of the romanticized Gold Rush era.
Key VarietiesBG-871 is a specific die marriage cataloged in the Breen-Gillio reference. No major varieties, patterns, or restrikes are known for this specific variety. The primary distinction among surviving examples is their state of preservation and the presence of Proof-Like surfaces.
Authentication TipsGenuine Period Two pieces must have a denomination (e.g., 'DOLLAR' or 'CENTS'). Be wary of modern replicas which often feature a bear on the reverse and lack a denomination. The strike on genuine pieces can be uneven, but the details should be consistent with known examples. A key diagnostic for the BG-871 variety is the presence of advanced die cracks on the reverse, a feature noted on high-grade examples at major auctions. Any suspect piece should be compared against high-resolution images in auction archives or the Breen-Gillio reference.
Shopping ConsiderationsFor a premium quality BG-871, a buyer should prioritize a sharp strike on the high points of the Indian's cheek, headdress feathers, and the details of the wreath. The 'PL' designation is a significant value-add; look for deep, reflective mirrors in the fields. As these were made as souvenirs, circulation wear is less common than handling marks. Avoid examples that have been cleaned, which will show hairline scratches and impaired luster, or those that have been used in jewelry, which may show evidence of mounting or solder. The natural gold color should be a rich yellow-gold; any unnatural toning might indicate improper storage or cleaning. A CAC sticker on a certified example provides an additional layer of confidence regarding quality for the grade.
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 issues of BG-871 are considered regular business strikes, although many were struck with polished dies to create a special finish for collectors. They are found in both Circulated (1-58) and, more commonly, Mint State (MS, 60-70) grades. The Proof-Like (PL) designation is frequently applied to high-grade examples with mirrored fields. No true Proofs were struck during the original period of issue, and there are no known later-date restrikes.
Mint State CharacteristicsUncirculated examples are defined by their luster. A typical MS example might have a soft, satiny luster. A premium MS PL (Proof-Like) example will exhibit deeply mirrored fields that contrast with frosted devices, an effect created by striking with polished dies. Due to their small size and the private minting process, strikes can vary, but a well-struck piece will show full detail in the feathers and wreath. Minor planchet imperfections or weak areas are not uncommon. Small contact marks are expected but should not be distracting.
Circulated Wear PatternsOn circulated examples, wear first appears on the highest points of the design. For the obverse, this includes the Indian's cheekbone, eyebrow, and the tips of the feathers in the headdress. On the reverse, the highest points of the wreath's leaves and the numerals of the fraction will show the first signs of friction and flattening. In lower grades, the legends and date will begin to lose their sharpness.
Key Factors For ValueThe primary value driver for an 1873 BG-871 is its certified grade, with a steep premium for Proof-Like surfaces. Eye appeal is paramount: a coin with original, vibrant gold luster and clean, mark-free surfaces will command a much higher price than a similarly graded piece with distracting marks or a dull appearance. A sharp, well-centered strike is highly desirable. Finally, given the prevalence of counterfeits in the broader Cal Gold series, certification by a top-tier service (PCGS or NGC) is essentially mandatory for establishing market value, with an additional premium for coins approved by CAC.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 64 | $1,575.00 | N/A |