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

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}

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

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.

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

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 60-100% of face value.

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 1852-1882 Will never have a bear on the reverse Can be Octagonal or Round

You tell me?

Rarity Scale Modified Sheldon Scale 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 Period 1 - 1852 to 1856 Period 2 - 1857 -1882 These believed to have circulated in California as coinage 3 denominations, 200 varieties, believed only 2000-3000 exist Period 2 - 1857 -1882 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 1900-1910.

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

Period 1 BG 301 BG 201 BG 529 BG 402

Period 2 Many Jewelers made these coins -

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

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

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

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)

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 ++)

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

Literature and Web sites Toughest thing is Attribution www.calgold.com 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

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”

Thank You! Happy Hunting