1870 G$1 BG-1203, PL (Regular Strike)
Obverse & Reverse
The 1870 G$1 BG-1203 is a product of the second period of California Fractional Gold production (1859-1882), a fascinating era that saw these small-denomination gold pieces transition from a necessary medium of exchange to popular souvenirs. By 1870, the initial chaos of the Gold Rush had subsided, and the San Francisco Mint was producing ample federal coinage, alleviating the acute shortage of small change that had plagued California in the early 1850s. However, the allure of gold and the romance of the '49er era persisted. Jewelers and private minters in San Francisco continued to strike fractional gold pieces, primarily to satisfy a burgeoning tourist trade and to serve as keepsakes that could be easily mailed back East. This particular period of production is often referred to as 'jeweler's issues' due to the frequent involvement of craftsmen who had the skills to work with small quantities of gold and create dies. The Coinage Act of 1864 had officially made the private minting of currency illegal, but federal enforcement was lax and not fully applied in California until the early 1880s. This legal gray area allowed for the continued production of pieces like the BG-1203, which brazenly carried a date and denomination. Many of these later issues were backdated to the Gold Rush heyday to enhance their nostalgic appeal and to technically circumvent the spirit, if not the letter, of the law. The quality of these Period Two pieces varies, but many, especially the Prooflike (PL) examples, were struck with care on polished planchets, indicating their intended purpose was not rugged circulation but rather as attractive mementos. The BG-1203, with its classic Liberty Head design reminiscent of federal coinage, was a perfect pocket-sized symbol of California's golden identity, embodying the final chapter of a uniquely American numismatic phenomenon before the federal government finally shuttered all private minting operations.
Associated EventPost-California Gold Rush Era
Reason For MintingPrimarily created as souvenirs and keepsakes for a growing tourist trade in California, capitalizing on the nostalgia of the Gold Rush.
Minter HistoryThe specific minter or jeweler who produced the BG-1203 die pair is unknown, a common trait for most Period Two California Fractional Gold issues. These pieces were often the work of anonymous craftsmen in San Francisco who created them for commercial sale without attribution.
Historical SignificanceThe BG-1203 is significant as a representative of the transition of fractional gold from utilitarian coinage to commercial souvenir. It highlights a period when private minting persisted in a legal gray area, serving a market for nostalgia and tourism long after the economic necessity for such pieces had vanished.
BG-1203
DenominationG$1
Minting Period1870
Assayer/MinterUnknown
Geographic OriginSan Francisco, California
Obverse DescriptionThe obverse features a small head of Liberty, facing left, with 'LIBERTY' inscribed on her coronet. The head is surrounded by thirteen stars, representing the original colonies. The date '1870' appears below the bust.
Obverse InscriptionLIBERTY 1870
Reverse DescriptionThe reverse design consists of a wreath of leaves, open at the top. Inside the wreath, the denomination '1' and 'DOLLAR' are inscribed on two lines.
Reverse Inscription1 DOLLAR
CompositionGold
Stated Fineness Actual Fineness EdgePlain
Unknown
Survival Estimate31-75
Rarity ScaleR-5
This variety is sought after by specialists in the extensive California Fractional Gold series. Its appeal lies in its specific Breen-Gillio (BG) attribution, its R-5 rarity, and the challenge of acquiring a well-struck, high-grade example. Specimens with a Prooflike (PL) designation are particularly prized for their superb eye appeal.
Key VarietiesThe BG-1203 is itself a specific die marriage variety. Within the broader series, there are hundreds of BG varieties of fractional gold dollars, differing in design details, date placement, and shape (round or octagonal). No later-date restrikes or special collector issues are known for this specific variety.
Authentication TipsGenuine California Fractional Gold pieces are characteristically thin and were often struck with crude dies, sometimes resulting in weak or uneven strikes. Replicas are often thicker, have a soapy or cast-like appearance, and may feature incorrect design details, such as a bear on the reverse, which never appeared on genuine 19th-century issues. The presence of a denomination ('DOLLAR') is a key characteristic of genuine pieces from this era. Authentication by a major third-party grading service (PCGS or NGC) is highly recommended.
Shopping ConsiderationsFor a premium quality BG-1203, a potential buyer should seek an example with a sharp, well-centered strike, as many were produced hastily and can be poorly defined. For PL-designated coins, look for deeply mirrored fields and frosted devices, with minimal distracting marks. Original, undisturbed surfaces are paramount; harsh cleaning can strip the delicate luster and significantly reduce value. Check the high points of Liberty's hair and the leaves of the wreath for the first signs of wear. Given the small size, magnification is essential to detect tooling, smoothing, or repairs.
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 1870 G$1 BG-1203 issues were business strikes, although many were produced with polished dies and intended as souvenirs rather than for vigorous circulation. They are found in Circulated grades (AG-3 to AU-58) and Mint State grades (MS-60 to MS-70). High-grade examples often receive a Prooflike (PL) designation if their surfaces are sufficiently mirrored. No true Proofs were struck during the original period of issue.
Mint State CharacteristicsAn uncirculated BG-1203 is defined by its luster. Typical examples may show a soft, satiny luster, while premium PL examples exhibit flashy, reflective fields. Strike weakness can be common, particularly on the stars or the word 'DOLLAR'. Due to the softness of the gold and their method of production, even Mint State examples can show minor planchet flaws or light handling marks. A top-tier MS coin will have a bold strike, vibrant luster, and nearly mark-free surfaces.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes Liberty's cheek, the hair above her eye, and the coronet. On the reverse, the high points of the wreath's leaves and the numerals of the denomination will show initial friction and loss of detail. In lower grades (VF and below), the word 'LIBERTY' on the coronet becomes illegible and the stars begin to merge with the fields.
Key Factors For ValueThe primary drivers of value for this coin are grade and surface quality. A sharply struck coin with original, uncleaned surfaces will always command a premium. The Prooflike (PL) designation adds significant value due to enhanced eye appeal. Coins with original reddish-gold or mellow greenish-gold toning are highly prized over examples that have been dipped or cleaned. A CAC sticker, indicating premium quality for the grade, will also result in a significant price increase for this issue.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 62 | $4,600.00 | 1 |
| 62+ | $5,250.00 | N/A |
| 63 | $6,000.00 | N/A |
| 63+ | $6,750.00 | N/A |
| 64 | $9,500.00 | N/A |