1. California Fractional Gold
And the California Gold Rush of 1848
Presented by
Rick Raines

2. Sutter’s Mill – June 1848 The headlines read “ Gold is Found”
San Francisco grew from 5,000 to 50,000 in one year.
Prices Surged and there was very little money to change hands.
All they had was Gold Dust
{Keep in mind that the San Francisco Mint did not open until 1849}

3. What to do with the Gold? Ingots Private Minted coins Make Jewelry
Bechtler
Moffat
Kellogg & Co.
Many others – Coins from $50 slugs to $1 coins
Make Jewelry

4. Coin shortage of early US
Coins were in drastic shortage during the first century of our country.
Coins were used from many countries in the “New World”
French Franks, Spanish Reals, English Shillings
These were common place until the 1860’s, especially out west.

5. Jewelers Needed to make a “Buck”
There was a great need for small denomination coinage ( )
Jewelers had gold available
Most Jewelers were on Market street
Market street

6. What did the Jewelers make?
Produced small gold coins from the scrap in denominations of 25¢, 50¢ and $1
Typically weigh around .25g for 25¢, .50g for 50¢ and 1g for $1 tokens
Were typically valued from % of face value.

7. What makes a token a true Cal Gold Token?
Will have the denomination (forms)
Cent, Cents, Doll., Dol., D., Dollar, ¼, ½, 1, 25, 50, Half
May say California Gold, Cal., Cal. Gold, Cal Gold or may say nothing
Most have the date
Will never be dated before 1852
May be dated between
Will never have a bear on the reverse
Can be Octagonal or Round

8. You tell me?

11. Rarity Scale Modified Sheldon Scale Unique = 1 known R-8 = 2-3 known
High R-7=10-12 known
Low R-7= known
R-5=46-60 known
R-2 = known

12. Periods Period 1 - 1852 to 1856 Period 2 - 1857 -1882
These believed to have circulated in California as coinage
3 denominations, 200 varieties, believed only exist
Period
These believed to be mostly tokens collected or sent as gifts from California
3 denominations, 450 varieties, believed 4000 exist
Period 3 – 1880’s – 1920’s
Do not have denominations
Dated from 1851 but made from

13. Period 1 Many Jewelers made these coins
Joseph Bros.
Frontier, Deviercy & Co.
Nouizillet
Gaime, Guillemot & Co.
M. Jorden
M. Deriberpie
Several Unknown makers
Most believed to have circulated as coins
Made before the San Francisco Mint was in full production on fraction coinage
Highly collectible in circulated and uncirculated grades

14. Period 1
BG 301
BG 201
BG 529
BG 402

15. Period 2
Many Jewelers made these coins -

16. Rick's Coin
BG-754
MS-64
POP 1/1
R-7
BG 799
BG 1207

17. Why did they end? Hershfield & Mitchell
Offices at 45 Delaware St., Leavenworth, Kansas in 1869
In 1871 they received a letter from the secret service
Not guilty but spent $80,000 in defense

18. Period 3 Produced between 1883- 1920 Many have dates from 1850’s
Usually unknown makes
Some thought of as “counterfeits”
Not highly collected

19. What can you find? Holed coins Circulated coins
Mint state – however these did not come from the Mint so we’ll call them “JS” for Jewelers State
Counterfeits – Tokens (watch out on Ebay)

20. How to collect and the cost?
Single coins
$20 with hole to $25K for R8 Round $1
By Denomination Type – most common ($10K+)
(1) 25¢, 50 ¢, $1 octagonal, (1) 25 ¢, 50 ¢, $1 Round
By Jeweler
By Liberty Head or Indian Head
By Period ($100K +)
Collect’em all and go crazy! ($1MM ++)

21. Authorities on the subject
Breen – Gillio
Mike Locke
Don Kagin
The late Jay Roe- PCGS registry set was 87% complete

22. Literature and Web sites
Toughest thing is Attribution
Must join to use but no cost
A little difficult to use, but great information
California Fractional Gold, 2nd edition, by Breen and Gillio
The Jay Roe Collection, Auction Catalog, Bowers and Morena, 2003

23. It’s really fun Not too many people even know much about them
Still can find them raw and get a great deal
The history is fun
You’ll get the “GOLD FEVER”

24. Thank You!
Happy Hunting