California California Fractional GoldFractional Gold

And the California Gold Rush of And the California Gold Rush of 18481848

Presented by Presented by Rick RainesRick Raines

Sutter’s Mill – June 1848Sutter’s Mill – June 1848

The headlines read “ The headlines read “ Gold is Found”Gold is Found”

San Francisco grew San Francisco grew from 5,000 to 50,000 in from 5,000 to 50,000 in one year. one year.

Prices Surged and there Prices Surged and there was very little money to was very little money to change hands.change hands.

All they had was Gold All they had was Gold DustDust {Keep in mind that the {Keep in mind that the

San Francisco Mint did San Francisco Mint did not open until 1849}not open until 1849}

What to do with the What to do with the Gold?Gold?

IngotsIngots Private Minted Private Minted

coinscoins Bechtler Bechtler MoffatMoffat Kellogg & Co.Kellogg & Co. Many others – Many others –

Coins from $50 Coins from $50 slugs to $1 coinsslugs to $1 coins

Make JewelryMake Jewelry

Coin shortage of early USCoin shortage of early US

Coins were in drastic shortage Coins were in drastic shortage during the first century of our during the first century of our country.country.

Coins were used from many Coins were used from many countries in the “New World” countries in the “New World” French Franks, Spanish Reals, English French Franks, Spanish Reals, English

ShillingsShillings These were common place until the These were common place until the

1860’s, especially out west.1860’s, especially out west.

Jewelers Needed to make a Jewelers Needed to make a “Buck”“Buck”

There was a great There was a great need for small need for small denomination denomination coinage (1849-coinage (1849-1856)1856)

Jewelers had gold Jewelers had gold availableavailable

Most Jewelers Most Jewelers were on Market were on Market streetstreet

Market street

What did the Jewelers What did the Jewelers make?make?

Produced small gold coins from the Produced small gold coins from the scrap in denominations of 25¢, 50¢ scrap in denominations of 25¢, 50¢ and $1and $1

Typically weigh around .25g for 25¢, Typically weigh around .25g for 25¢, .50g for 50¢ and 1g for $1 tokens.50g for 50¢ and 1g for $1 tokens

Were typically valued from 60-100% Were typically valued from 60-100% of face value.of face value.

What makes a tokenWhat makes a token a true Cal Gold Token? a true Cal Gold Token?

Will have the denomination (forms)Will have the denomination (forms) Cent, Cents, Doll., Dol., D., Dollar, ¼, ½, 1, 25, Cent, Cents, Doll., Dol., D., Dollar, ¼, ½, 1, 25,

50, Half 50, Half May say California Gold, Cal., Cal. Gold, Cal May say California Gold, Cal., Cal. Gold, Cal

Gold or may say nothingGold or may say nothing Most have the dateMost have the date Will never be dated before 1852Will never be dated before 1852 May be dated between 1852-1882May be dated between 1852-1882 Will never have a bear on the reverseWill never have a bear on the reverse Can be Octagonal or RoundCan be Octagonal or Round

You tell me?You tell me?

Rarity ScaleRarity Scale

Modified Sheldon ScaleModified Sheldon Scale Unique = 1 knownUnique = 1 known R-8 = 2-3 knownR-8 = 2-3 known High R-7=10-12 knownHigh R-7=10-12 known Low R-7= 13-18 knownLow R-7= 13-18 known R-5=46-60 knownR-5=46-60 known R-2 = 501-1250 knownR-2 = 501-1250 known

PeriodsPeriods Period 1 - 1852 to 1856Period 1 - 1852 to 1856

These believed to have circulated in California as These believed to have circulated in California as coinagecoinage

3 denominations, 200 varieties, believed only 3 denominations, 200 varieties, believed only 2000-3000 exist2000-3000 exist

Period 2 - 1857 -1882Period 2 - 1857 -1882 These believed to be mostly tokens collected or These believed to be mostly tokens collected or

sent as gifts from Californiasent as gifts from California 3 denominations, 450 varieties, believed 4000 exist3 denominations, 450 varieties, believed 4000 exist

Period 3 – 1880’s – 1920’sPeriod 3 – 1880’s – 1920’s Do not have denominationsDo not have denominations Dated from 1851 but made from 1900-1910.Dated from 1851 but made from 1900-1910.

Period 1Period 1

Many Jewelers made these coinsMany Jewelers made these coins Joseph Bros. Joseph Bros. Frontier, Deviercy & Co.Frontier, Deviercy & Co. NouizilletNouizillet Gaime, Guillemot & Co. Gaime, Guillemot & Co. M. JordenM. Jorden M. DeriberpieM. Deriberpie Several Unknown makersSeveral Unknown makers

Most believed to have circulated as coinsMost believed to have circulated as coins Made before the San Francisco Mint was in Made before the San Francisco Mint was in

full production on fraction coinagefull production on fraction coinage Highly collectible in circulated and Highly collectible in circulated and

uncirculated gradesuncirculated grades

Period 1Period 1

BG 402

BG 201

BG 301

BG 529

Period 2Period 2

Many Jewelers made these coinsMany Jewelers made these coins - - - - - -

BG-754

MS-64

POP 1/1

R-7

BG 799 BG 1207

Why did they end?Why did they end? Hershfield & MitchellHershfield & Mitchell Offices at 45 Offices at 45

Delaware St., Delaware St., LeavenworthLeavenworth, , KansasKansas in 1869 in 1869

In 1871 they received In 1871 they received a letter from the a letter from the secret servicesecret service

Not guilty but spent Not guilty but spent $80,000 in defense$80,000 in defense

Period 3Period 3

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

What can you find?What can you find?

Holed coinsHoled coins Circulated coinsCirculated coins Mint state – however these did not Mint state – however these did not

come from the Mint so we’ll call come from the Mint so we’ll call them “JS” for Jewelers Statethem “JS” for Jewelers State

Counterfeits – Tokens (watch out on Counterfeits – Tokens (watch out on Ebay)Ebay)

How to collect and the How to collect and the cost?cost?

Single coinsSingle coins $20 with hole to $25K for R8 Round $1$20 with hole to $25K for R8 Round $1

By Denomination Type – most common By Denomination Type – most common ($10K+)($10K+) (1) 25¢, 50 ¢, $1 octagonal, (1) 25 ¢, 50 ¢, (1) 25¢, 50 ¢, $1 octagonal, (1) 25 ¢, 50 ¢,

$1 Round$1 Round By JewelerBy Jeweler By Liberty Head or Indian HeadBy Liberty Head or Indian Head

By Period ($100K +)By Period ($100K +) Collect’em all and go crazy! ($1MM ++)Collect’em all and go crazy! ($1MM ++)

Authorities on the Authorities on the subjectsubject

Breen – GillioBreen – Gillio Mike LockeMike Locke Don KaginDon Kagin The late Jay Roe- PCGS registry set The late Jay Roe- PCGS registry set

was 87% completewas 87% complete

Literature and Web sitesLiterature and Web sites

Toughest thing is AttributionToughest thing is Attribution www.calgold.comwww.calgold.com

Must join to use but no cost Must join to use but no cost A little difficult to use, but great A little difficult to use, but great

informationinformation California Fractional Gold, 2California Fractional Gold, 2ndnd edition, edition,

by Breen and Gillioby Breen and Gillio The Jay Roe Collection, Auction The Jay Roe Collection, Auction

Catalog, Bowers and Morena, 2003Catalog, Bowers and Morena, 2003

It’s really funIt’s really fun

Not too many people even know Not too many people even know much about themmuch about them

Still can find them raw and get a Still can find them raw and get a great dealgreat deal

The history is funThe history is fun You’ll get the “GOLD FEVER”You’ll get the “GOLD FEVER”

Thank You!Thank You! Happy HuntingHappy Hunting