1860 G$1 BG-1102, PL (Regular Strike)
Obverse & Reverse
The 1860 BG-1102 One Dollar piece emerges from the second major phase of California Fractional Gold production, a period numismatists designate as 'Period Two' (1858-1882). Unlike the 'Period One' issues (1852-1857), which were struck out of a genuine and acute necessity for small change in the gold fields, the context for Period Two issues had shifted. By 1860, the San Francisco Mint was in full operation, supplying the region with official United States coinage and largely alleviating the initial shortage. The impetus for creating these tiny gold pieces thus transformed. They were no longer primarily instruments of commerce but rather 'jeweler's issues'—souvenirs and keepsakes that capitalized on the romanticism of the Gold Rush. Private jewelers, mostly anonymous but concentrated in San Francisco, recognized a market among locals, tourists, and those back East who desired a tangible, affordable memento of California's golden dream. These pieces were often intentionally underweight relative to their face value, functioning more as tokens than true currency. The BG-1102 variety, an octagonal dollar featuring a Liberty Head, is a quintessential example of this phenomenon. It was likely produced using a crude but effective hammer-striking method, where dies were struck by hand. This technique accounts for the frequent variability in strike quality, with some examples showing sharp details while others are soft in areas. The existence of Proof-Like (PL) specimens suggests some care was taken in their production, perhaps for special presentation. These pieces were made legally until the Coinage Act of 1864 made all private coinage illegal, though the law was not strictly enforced against these small souvenir pieces until 1883. Today, the BG-1102 is a cherished artifact, representing not the raw necessity of the early Gold Rush, but its commercialized memory and the entrepreneurial spirit of the jewelers who catered to it.
Associated EventCalifornia Gold Rush
Reason For MintingPrimarily struck as a souvenir or keepsake of the California Gold Rush, rather than to fill a circulating coinage need which had been met by the S.F. Mint.
Minter HistoryThe specific minter for BG-1102 is unknown, a common trait for Period Two issues. They were part of a group of manufacturing jewelers in San Francisco who produced a wide variety of these small gold pieces. Unlike earlier assayers who clearly marked their work, these jewelers often remained anonymous, focusing on producing novelties for the public. Their workmanship varied, but they created a lasting numismatic legacy through these miniature gold coins.
Historical SignificanceThe BG-1102 is significant as an artifact of 'Period Two' of the California Fractional Gold series. It represents the transition of these private issues from essential circulating currency to popular souvenirs. Its existence charts the evolving economy and culture of post-Gold Rush California, where the event itself had become a marketable commodity.
BG-1102
Denomination$1
Minting Period1860
Assayer/MinterUnknown San Francisco Jeweler
Geographic OriginSan Francisco, California
Obverse DescriptionA beaded border encloses a Liberty Head facing left, her hair tied in a bun. The portrait is in the style of the contemporary federal gold coinage. Thirteen stars encircle the head.
Obverse Inscription Reverse DescriptionAn ornamental wreath encloses the denomination '1' and 'DOLLAR' below it, with the date '1860' positioned at the bottom, just inside the wreath. The coin has a distinctive octagonal shape.
Reverse Inscription1 DOLLAR 1860
CompositionGold
Stated Fineness Actual FinenessVariable, typically ranging from 14 to 22 carats (.583 to .917 fine), and generally containing less than one dollar's worth of gold.
EdgePlain
Unknown
Survival EstimateFewer than 75 believed to exist. Based on combined PCGS and NGC population reports, the total number of certified examples is under 50, suggesting a total survival of perhaps 50-75 pieces across all grades.
Rarity ScaleR-4 (Very Scarce: 76-200 known)
This coin is highly sought after for its octagonal shape, connection to the Gold Rush era, and its status as a scarce 'Period Two' dollar. The Liberty Head design, mimicking federal issues, adds to its classic appeal. High-grade and Proof-Like examples are particularly prized by specialists.
Key VarietiesThe primary variety is the BG-1102 business strike. There are no known major die varieties from the original minting period, nor are there any known later-date restrikes or patterns associated with this specific Breen-Gillio number. The key distinction for collectors is the quality of the strike and the surface preservation, with Proof-Like (PL) or Deep Mirror Proof-Like (DMPL) examples commanding significant premiums.
Authentication TipsGenuine pieces must be denominated with the word 'DOLLAR' or an abbreviation; pieces lacking a denomination are typically later tokens or charms. The style of the Liberty head and legends should match known examples. Beware of pieces with a bear on the reverse, as these are universally non-contemporary souvenirs. The fabric should appear correct for a hand-hammered coin, often showing a slightly uneven strike. Counterfeits may appear cast with porous surfaces or have incorrect design details and lettering fonts.
Shopping ConsiderationsA premium quality BG-1102 is defined by a sharp, well-centered strike, particularly on the highest points of Liberty's hair and the numerals of the date. Seek out examples with original, lustrous surfaces; many have been cleaned or damaged due to their small size and use in jewelry. Proof-Like (PL) examples are rare and desirable, exhibiting reflective fields that contrast with frosted devices. Avoid coins that are bent, holed, or show signs of tooling or solder, as these were common modifications. Given the variability of the hammer-striking process, a coin that is fully struck on both sides is a notable condition rarity.
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 1860 BG-1102 examples are business strikes, produced for sale as souvenirs. They are found in Circulated (1-58) and, more commonly for this type, Mint State (MS, 60-70) grades. No true Proofs were struck during the original period of issue. The 'PL' (Proof-Like) designation is an important modifier applied by grading services to business strikes that exhibit unusually reflective, mirror-like fields, which resulted from freshly polished dies.
Mint State CharacteristicsUncirculated examples are characterized by their mint luster, which can range from satiny to deeply reflective (Proof-Like). Strike quality is a major factor; many specimens are softly struck in the center or near the borders due to the hand-hammering process. A well-struck piece will show full detail in Liberty's hair and the wreath leaves. Small, mint-made planchet flaws or adjustment marks are not uncommon. Contact marks, even on high-grade examples, are often present due to the softness of the gold and rudimentary handling at the time of manufacture.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, this includes Liberty's cheek, the hair above the ear, and the coronet. On the reverse, the highest points of the wreath and the numeral '1' will show the first signs of friction. In lower grades (VF and below), the stars on the obverse and the lettering on the reverse will begin to lose their sharpness and merge towards the fields.
Key Factors For ValueFor the BG-1102, the most important value drivers are grade, strike, and surface quality. A sharp strike that brings up all the design details is paramount and carries a significant premium. The presence of original, undisturbed luster is critical; cleaned or polished coins are worth substantially less. Eye appeal, including attractive original gold toning, can enhance value. The Proof-Like (PL) designation adds a major premium, as it is rare for the issue. A CAC sticker will also add a premium, confirming that the coin is of high quality for its assigned grade.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 63 | $2,000.00 | 1 |
| 63+ | $2,350.00 | N/A |
| 64 | $2,750.00 | N/A |
| 64+ | $3,150.00 | N/A |
| 65 | $4,000.00 | N/A |