California Fractional Gold And the California Gold Rush

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

Sutter’s Mill – June 1848 n n 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 n {Keep in mind that the San Francisco Mint did not open until 1849}

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

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

Jewelers Needed to make a “Buck” n n n There was a great need for small denomination coinage (1849 -1856) Jewelers had gold available Most Jewelers were on Market street

What did the Jewelers make? Produced small gold coins from the scrap in denominations of 25¢, 50¢ and $1 n Typically weigh around. 25 g for 25¢, . 50 g for 50¢ and 1 g for $1 tokens n Were typically valued from 60 -100% of face value. n

What makes a token a true Cal Gold Token? n Will have the denomination (forms) n n n n Cent, Cents, Doll. , Dollar, ¼, ½, 1, 25, 50, Half May say California Gold, Cal Gold or may say nothing Most have the date Will never be dated before 1852 May be dated between 1852 -1882 Will never have a bear on the reverse Can be Octagonal or Round

You tell me?

Rarity Scale n Modified Sheldon Scale n n n Unique = 1 known R-8 = 2 -3 known High R-7=10 -12 known Low R-7= 13 -18 known R-5=46 -60 known R-2 = 501 -1250 known

Periods n Period 1 - 1852 to 1856 n n n Period 2 - 1857 -1882 n n n These believed to have circulated in California as coinage 3 denominations, 200 varieties, believed only 2000 -3000 exist 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 n n Do not have denominations Dated from 1851 but made from 1900 -1910.

Period 1 n Many Jewelers made these coins n n n n n 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

Period 1 BG 201 BG 402 BG 301 BG 529

Period 2 Many Jewelers made these coins n n

BG 754 MS-64 POP 1/1 R-7 BG 799 BG 1207

Why did they end? n n 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

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

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

How to collect and the cost? n Single coins n n $20 with hole to $25 K for R 8 Round $1 By Denomination Type – most common ($10 K+) (1) 25¢, 50 ¢, $1 octagonal, (1) 25 ¢, 50 ¢, $1 Round n By Jeweler n By Liberty Head or Indian Head n By Period ($100 K +) n Collect’em all and go crazy! ($1 MM ++) n

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

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

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

Thank You! Happy Hunting