California fractional gold coins
EastonCollection
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So here is the scoop - Planning on attending FUN and I collect period 1 & 2 California fractional coins. I know 1 dealer that actively sells these coins. Over the past several years, I haven't seen many period 1s in auctions compared to several years ago. Boy these guys are very very rare. The BG-201 shown above is high rarity 7 with about 6 or 7 known. I have one that's graded by our hosts as a 63. When you see the prices realized for these types of rarities, calfracs seem inexpensive. On these boards, I don't see any threads on calfracs. Are their any collectors out there and where are all the calfracs - period 1s and 2s. These babies look really cool except they are small but there gold.
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Easton Collection
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Comments
There mere fact that all of them seem to have high rarity ratings makes it suspect that they were actually used in circulation. It would make sense that at least a few pieces would be more common and show some signs of circulation if these pieces really had any impact on the local California economy in the mid 19th century.
I have one representative example, a "1/4 Dol." that was made in 1853. That's going to be it for me.
(edited to fix spelling error)
Every decade or so a large collection comes to market and there is an attempt to hype the market for these pieces.
After the sale the interest in them cools very quickly.
<< <i>They are too tiny to ever generate much real collecting interest. The collectors with money don't want tiny coins/tokens.
Every decade or so a large collection comes to market and there is an attempt to hype the market for these pieces.
After the sale the interest in them cools very quickly. >>
Dealers have played games with the prices on these pieces too. Back in the 1970s I sat in on a poorly attended, Saturday morning auction of a large group of these pieces by a now defunct major auction house. The bids started off in the front of the room at a few hundred dollars. Then one guy in the back would yell "$5,000!!" or some other amount that was totally out of line with the other bids. He bought well over half of the auction this way, and after a while I came to the conclusion that he was shill who had been sent there to bid up the pieces to establish a "public record" of what these pieces had sold for at a public sale.
Sure enough a few weeks later this same dealer was offering a large group of these pieces at high prices. This was the 1970s when $1,000 in coins really met something. For example you could buy Draped Bust type coins in EF and AU for a couple thousand.
I agree - that saloon girl will be very impressed with all that gold !
There are many collectors out there and several specialists. Check out the registry sets. I have actually seen increased interest over time. More Cals than ever seem to be offered in various venues and prices seem to have established a reasonable and firm base.
regarding the circulation aspect of period 1's there is "documentation" that is cited in Breen & Gillio 2nd Edition (a must have reference book). I also have several circulated examples including a lowest grade period 1 BG518 dollar in VF20.
These coins and tokens are not for everyone - but to know I have 1 of 10 in existence ... or my coins are referenced in BG 2nd edition or are plate coins for the book is pretty cool to me.
Its all in the quest !
good luck with your collection. Let me know if you ever need an opinion on a particular coin.
Clint
Top 10 Cal Fractional Type Set
successful BST with Ankurj, BigAl, Bullsitter, CommemKing, DCW(7), Elmerfusterpuck, Joelewis, Mach1ne, Minuteman810430, Modcrewman, Nankraut, Nederveit2, Philographer(5), Realgator, Silverpop, SurfinxHI, TomB and Yorkshireman(3)
The only reason I have them is for the history.
<< <i>So here is the scoop - Planning on attending FUN and I collect period 1 & 2 California fractional coins. I know 1 dealer that actively sells these coins. Over the past several years, I haven't seen many period 1s in auctions compared to several years ago. Boy these guys are very very rare. The BG-201 shown above is high rarity 7 with about 6 or 7 known. I have one that's graded by our hosts as a 63. When you see the prices realized for these types of rarities, calfracs seem inexpensive. On these boards, I don't see any threads on calfracs. Are their any collectors out there and where are all the calfracs - period 1s and 2s. These babies look really cool except they are small but there gold.
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Obviously a niche market, but IMHO a lot more exciting than most moderns, at least with regard to the original issues. Agee with others here however that the souvenir pieces should be avoided. I believe the ones I have are all in PCGS holders so that mitigates against the small size issue and affords protection from getting stuck with counterfeits or fantasy pieces. A set of quarters, halves, and ones in both octogonal and round can be fun to assemble, and yes, it is relatively easy to find ones that are close to top pops for good value.
Here was the final one to complete my set of a quarter, a half, and a one in both octagonal and round:
<< <i>
<< <i>They are too tiny to ever generate much real collecting interest. The collectors with money don't want tiny coins/tokens.
Every decade or so a large collection comes to market and there is an attempt to hype the market for these pieces.
After the sale the interest in them cools very quickly. >>
Dealers have played games with the prices on these pieces too. Back in the 1970s I sat in on a poorly attended, Saturday morning auction of a large group of these pieces by a now defunct major auction house. The bids started off in the front of the room at a few hundred dollars. Then one guy in the back would yell "$5,000!!" or some other amount that was totally out of line with the other bids. He bought well over half of the auction this way, and after a while I came to the conclusion that he was shill who had been sent there to bid up the pieces to establish a "public record" of what these pieces had sold for at a public sale.
Sure enough a few weeks later this same dealer was offering a large group of these pieces at high prices. This was the 1970s when $1,000 in coins really met something. For example you could buy Draped Bust type coins in EF and AU for a couple thousand. >>
Over the years I did a few appraisals for people who had been horribly buried by telemarketers with these, no doubt using those bogus auction records as "price history."
NCG AU58, it's BG-409, 1853/2, late die state, that's a big crack on the reverse
Liberty: Parent of Science & Industry
Tom
Worry is the interest you pay on a debt you may not owe.
<< <i>Over the years I did a few appraisals for people who had been horribly buried by telemarketers with these, no doubt using those bogus auction records as "price history." >>
This can happen with any coin series including gold plated state quarters that have been sold as being "a great investment".
Worry is the interest you pay on a debt you may not owe.
<< <i>
<< <i>Over the years I did a few appraisals for people who had been horribly buried by telemarketers with these, no doubt using those bogus auction records as "price history." >>
This can happen with any coin series including gold plated state quarters that have been sold as being "a great investment". >>
Telemarketers that sell coins that are overpriced hurt the coin collecting hobby as a whole. For example, if a telemarketer sells 20 average morgan dollars for twice their value its going to be a long time before the purchaser gets back their investment. If that happens then that person will probably never buy coins again.
Calfracs are very interesting to study and learn about. I find collecting them quite challenging,
I traded one to a friend for 5 Morgan Silver Dollars!
Guess what he did after the trade?
He bit the damn thing and bent the sh*t out of it! I asked why and he said he wanted to make sure it was real gold!
That's aside costs all over the place. There is not "pricing" that's accurate and relevant.
I see pieces that price guide says should be $450 for sale for $1,400-$2,000. Then I see similar pieces sell for $350. Then I buy a piece for $140 that hasn't sold for less than $350. I've bought pieces at 2x retail and at .5x retail. Anyhow it's the "wild west" when it comes to these things
with them. Otherwise, I have to recommend against them. Too small, too easy to damage (I have seen several that
appear to have been damaged during encapsulation, mostly with the older, less flexible holders).
These whimsical child-size pieces remind me of being a kid and pouring over the Red Book, making a wish list, saving my paper route money. They are part of California history. They are part of American history. They're ~150 years old now. They're gold. They're unusual looking. So they may or may not have been spent. So what? Proof coins weren't meant to be spent. Patterns weren't made for circulation. But collectors prize these, often above workhorse circulating coins.
My only example was willed to me by my wife's uncle. He was an old-school collector, a shop owner who saved the best pieces he found in change. What's not to like about it?
I believe it's a period 2 piece--probably made for tourists. But tourists to California over 100 years ago, before cars or highways, probably struck from native gold. Tourists who were attracted to tiny gold coins enough to have invested a half a day's pay, maybe more, when money actually meant something, and who carefully saved these miniature tokens for decades.
Here are a couple currently offered by NEN that I thought were interesting. Would you really kick these out of bed for eating crackers?
--Severian the Lame
PerryHall:
I put forth strong arguments to substantiate the point that period 1 pieces did, in fact, circulate. There is NOT a need to buy the BG book to understand that these circulated and to get started building a period 1 type set. These are true coins and they are really neat. They are also 'in the news.' A dealer in central Florida is currently offering a major collection of them. Heritage will auction some major California Fractionals in January.
Coin Collecting Strategies – $1, 50¢ and 25¢ Gold Pieces of the 1850s – California Fractionals
The first scan is a One dollar Liberty head dollar and the second is a 50 cent calfracs (BG-401). Early on, I believe the jewelers made the calfrac so closely to resemble the a US coin for market acceptance for circulation.
Just another theory on whether calfracs circulated in the US.
Great article Analyst!
Two words....thin market!
Is that a bad thing?
I really like the Period 1 pieces, and I have a few inexpensive ones in my own collection. And FWIW, I think that the Period 1 pieces would be worth multiples of their current levels if the Period 2 and 3 pieces did not exist.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
The rarity/price/value relationship on these has always appealed to me, too. You can get a lot of rarity for little money, and prices vary more widely than more popular series. If you know the series, this can produce buying opportunities. However, when you go to sell, the market is smaller. But us collectors tend to collect what we like, don't worry about selling, and tend to do well financially in spite of ourselves.
Yes, these were made to resemble the Federal coinage to enhance their chances of acceptance in circulation. Accounts from newspapers and the discovery of fractional gold among the treasure of the Central America further confirms their circulating status in CA during the 1850s.
Private paper money of the period often depicted circulating coins, too, to remind the public of their status as real money.
Worry is the interest you pay on a debt you may not owe.
Anyone seriously interested in this series should get the Breen-Gillio reference book. Unfortunately they are out of print and the book has to be bought in the secondary market. When the second edition came out I bought two copies (soft bound) and one of the hard bound editions.
Thats right PerryHall - anyone that is serious must get the BG book and I also recommend the jay Roe auction catalog. In addition, there are several other auction catalogs to get i.e. Jack Totheroh's and Ken Lee's catalogs. They include alot of useful information in those catalogs.
BillJones:
CaptainHenway:
Regarding pricing and auction consequences, dealers have played games with items in many areas of numismatics, possibly including nearly all categories of rare coins. This is not a reason to make critical remarks of California Fractionals or to discourage people from collecting them. As I point out in my article, examples of five of the six basic design types of first period California Fractionals are not particularly expensive.
Mariner:
While history is not the "only reason" to collect them, the historical aspects of the first period pieces are fascinating. While studying the historical aspects, people can practically learn about economics, banking and monetary issues, including theoretical concepts, in addition to learning about the California Gold Rush.
PerryHall:
In regard to first period pieces having circulated, I really thought that I put forth sound and logical arguments in my aticle, points regarding circulation that were better organized than those in the BG book, which there is not a need to buy. Besides, many of the published points regarding California Fractionals in the 19th century are ambiguous or relate just to their respective gold content. It is hoped that readers will each attain a strong understanding of the reasons to conclude California Fractionals circulated from my article.
It is really important to keep in mind that collectors may form a type set of period one fractionals without buying the BG book, which was last updated in 2003 and is probably not easy to find. Drawing much attention to the BG book discourages people from getting started. There is much information available in auction archives and here at pcgs.com, including PCGSCoinFacts. There is not a compelling reason to buy the BG book for people who collect by type or major variety. Collecting by die pairing is a different matter and would not be a good idea for beginners
Also, there is a difference between gold items being accepted for bullion content by people in the money-changing and currency-conversion business and various businessman routinely accepting California Fractionals at face value as coins. Such distinctions are not clearly made in the BG book. Furthermore, finding gold items in shipwrecks does not prove that they circulated as money. As Perry Hall says, the opening of the SF Mint in 1854 and the years required for denominations from 25c to $2.50 to be in adequate supply in the marketplace are central factors. An overall understanding of the historical setting and of monetary theory is needed to form a strong argument that the period one pieces circulated at face value as money.
Coin Collecting Strategies – $1, 50¢ and 25¢ Gold Pieces of the 1850s – California Fractionals
Also, I love calfracs - here is an example why I love these coins - below is a very rare and scarce BG-411. I normally dont buy damaged coins but I made an exception for this one. One of the nicest that I ever saw.
That's a nice looking coin Easton. Still lots of detail on the devices. PCGS has graded a MS63 but yours looks like it has more details (on the eagle's lower breast) and of course much nicer color!
Do we know who the issuer was for BG-411?
Also since there are what look to be scratches in the obverse field, would this be a candidate for smoothing the fields (recognizing the existing toning may be ruined)?
Also, I love calfracs - here is an example why I love these coins - below is a very rare and scarce BG-411. I normally dont buy damaged coins but I made an exception for this one. One of the nicest that I ever saw.
That's a nice looking coin Easton. Still lots of detail on the devices. PCGS has graded a MS63 but yours looks like it has more details (on the eagle's lower breast) and of course much nicer color!
Do we know who the issuer was for BG-411?
Also since there are what look to be scratches in the obverse field, would this be a candidate for smoothing the fields (recognizing the existing toning may be ruined)?
Zoins- The Bg-411 was minted (or manufactured) by Gaime, Guillemot & Co. and see the initials G.G. on the obverse below the Liberty. The coin is currently graded by PCGS as damaged with scratches. I really don't want to smooth the surfaces out on the obverse because the toning is really quite beautiful and I don't want to lose it. I suspect someday, one dealer may smooth out the surface scratched and dip the coin getting it brilliant. My preference is to leave it as is - I enjoy my coins with great eue appeal, that are originally toned. This fits that criteria perfectly.
BillJones:
CaptainHenway:
Regarding pricing and auction consequences, dealers have played games with items in many areas of numismatics, possibly including nearly all categories of rare coins. This is not a reason to make critical remarks of California Fractionals or to discourage people from collecting them. As I point out in my article, examples of five of the six basic design types of first period California Fractionals are not particularly expensive.
Mariner:
While history is not the "only reason" to collect them, the historical aspects of the first period pieces are fascinating. While studying the historical aspects, people can practically learn about economics, banking and monetary issues, including theoretical concepts, in addition to learning about the California Gold Rush.
PerryHall:
In regard to first period pieces having circulated, I really thought that I put forth sound and logical arguments in my aticle, points regarding circulation that were better organized than those in the BG book, which there is not a need to buy. Besides, many of the published points regarding California Fractionals in the 19th century are ambiguous or relate just to their respective gold content. It is hoped that readers will each attain a strong understanding of the reasons to conclude California Fractionals circulated from my article.
It is really important to keep in mind that collectors may form a type set of period one fractionals without buying the BG book, which was last updated in 2003 and is probably not easy to find. Drawing much attention to the BG book discourages people from getting started. There is much information available in auction archives and here at pcgs.com, including PCGSCoinFacts. There is not a compelling reason to buy the BG book for people who collect by type or major variety. Collecting by die pairing is a different matter and would not be a good idea for beginners
Also, there is a difference between gold items being accepted for bullion content by people in the money-changing and currency-conversion business and various businessman routinely accepting California Fractionals at face value as coins. Such distinctions are not clearly made in the BG book. Furthermore, finding gold items in shipwrecks does not prove that they circulated as money. As Perry Hall says, the opening of the SF Mint in 1854 and the years required for denominations from 25c to $2.50 to be in adequate supply in the marketplace are central factors. An overall understanding of the historical setting and of monetary theory is needed to form a strong argument that the period one pieces circulated at face value as money.
Coin Collecting Strategies – $1, 50¢ and 25¢ Gold Pieces of the 1850s – California Fractionals
Analyst - I totally agree with your assessment that period 1 calfracs circulated as coins. Simply because there wasn't sufficient coins to satisfy commerce. Also, I agree with you finding calfracs on shipwrecks doesn't mean the calfrac circulated. Any found on shipwrecks means can simply mean that someone had them in their pockets when a ship sank.
Also, many period 1s are found in circulated grades in higher proportions than period 2s. Another reason that period 1s circulated and period 2s were used as souvenirs.
Lastly, if you want to learn more on calfracs rather the buying the BG book - read auction catalogs, visit coinfacts and heritage auction archives. There is a lot of information on calfracs out there.
Lastly, if you are not knowledgeable about any coin series that you can over pay for coins and this is true for calfracs. However, if you use a reputable dealer and acquire the appropriate knowledge than you can assemble a very desirable calfrac collection without getting ripped off.
Well done Analyst - great read and great job!
Also, I love calfracs - here is an example why I love these coins - below is a very rare and scarce BG-411. I normally dont buy damaged coins but I made an exception for this one. One of the nicest that I ever saw.
That's a nice looking coin Easton. Still lots of detail on the devices. PCGS has graded a MS63 but yours looks like it has more details (on the eagle's lower breast) and of course much nicer color!
Do we know who the issuer was for BG-411?
Also since there are what look to be scratches in the obverse field, would this be a candidate for smoothing the fields (recognizing the existing toning may be ruined)?
Zoins- The Bg-411 was minted (or manufactured) by Gaime, Guillemot & Co. and see the initials G.G. on the obverse below the Liberty. The coin is currently graded by PCGS as damaged with scratches. I really don't want to smooth the surfaces out on the obverse because the toning is really quite beautiful and I don't want to lose it. I suspect someday, one dealer may smooth out the surface scratched and dip the coin getting it brilliant. My preference is to leave it as is - I enjoy my coins with great eue appeal, that are originally toned. This fits that criteria perfectly.
Thanks for the info on Gaime, Guillemot & Co. I'm a history fan and was able to find some information on these, including possibly the screw press that made this. According to Harper and Miller in U.S. Coin Digest, these pieces are patterns made by Frontier and Deviercy in San Francisco for Gaime, Guillemot & Co. which was a NY-based jeweller. Interesting history and good to learn more about them.
Coins initialed "G.G." are apparently patterns made by Frontier and Deviercy for the New York firm of Gaime, Guillemot & Co."
Here's the Stacks lot for a screw press believed to be from Frontier, Deviercy & Co which sold in 2011 for $16,100. This could have been used to make this very piece! Would coins this small have been made with a screw press or via other means?
Here are some links to information on GG not seen in numismatic sources. Seems like Marchand Aine or Marchand Sr. may be the name of the person most associated with Gaime, Guillemot & Co.
The Plough, the Loom, and the Anvil, Volume 6, July 1853
The History and Poetry of Finger-rings By Charles Edwards
The World of Science, Art, and Industry Illustrated, 1854 - This book has a lot of nice illustrations in it.
Official Awards of Juries By Professor B. Silliman, Jr., 1853
I like the look of this piece and would not want the toning to be destroyed.
True statement. If we can find any calfracs coins in SS Central that was stored in a safe, then entire story will be changed. Hopefully, the second dive to SS Central could give us more clues.
Worry is the interest you pay on a debt you may not owe.
Worry is the interest you pay on a debt you may not owe.
> Simply because there wasn't sufficient coins to satisfy commerce. Also, I agree with you finding calfracs on shipwrecks doesn't mean the calfrac circulated. Any found on shipwrecks means can simply mean that someone had them in their pockets when a ship sank.
True statement. If we can find any calfracs coins in SS Central that was stored in a safe, then entire story will be changed. Hopefully, the second dive to SS Central could give us more clues.
Great points JC! I not sure that if a number of calfracs were found in a safe in the bottom of the ocean means that they circulated but it adds more to the calfrac stories.
I do hope that they find more on the SS Central. How does finding calfracs in a safe mean that they circulated?
Many of the shipwreck California Small Denomination gold coins (I don't like the term fractional because there are several $1 coins in this series) were found mixed in with other pocket change which leads me to believe they actually circulated to some limited extent similar to Kennedy halves and Ike Dollars today. If they were strictly keepsakes and souvenirs they would have all been found in a jewelry box or such. Also, many appear in circulated grades showing normal circulation wear. I doubt they were popular as pocket pieces due their tiny size which would be too easy to lose. Don't forget that the Breen-Gillio book cited contemporary newspaper articles stating that these coins were in circulation.
100% agree - I think that Period 1a circulated and they were originally meant to be and Period 2s were meant to be souvenirs/tokens. Though there are some exceptions to that.
Worry is the interest you pay on a debt you may not owe.
By 1852 California jewelers had begin to manufacture 25c, 50c and $1 gold pieces in round and octagonal shapes. Makers included M. Deriberpe, Antoine Louis Nouizillet, Isadore Routhier, Robert B. Gray, Pierre Frontier, Eugene Deviercy, Herman J. Brand, and Hermand and Jacob Levison. Reuben N. Hershfield and Noah Mitchell made their coins in Leavenworth, Kansas and most of their production was seized in August 1871. Herman Kroll made California gold coins in New York City in the 1890s. Only two or three of these companies were in production at any one time. Many varieties bear the makers initials. Frontier and his parters made most of the large Liberty Head, Eagle reverse, and Washington Head design types. Most of the small Liberty Head types were made first by Nouizillet and later by Gray and then the Levison brothers and lastly by the California Jewelry Co. Coins initialed "G.G." are apparently patterns made by Frontier and Deviercy for the New York based firm of Gaime, Guillemot & Co.
It is more important to ensure calfracs, indeed, used as currency and were backup by major financial institute(s) at the time, aka, any bank. If they were currency used by financial institution(s), then it is much easy to prove that they were intended to circulate.
So far, the only document showed calfracs were used as currency was the trans-continental train newspaper boy used it as exchange. The newspaper boy claimed that they were California currency. Many calfracs experts said it is a scam but I am not sure. Did the newspaper boy got caught by FBI or was sent into jail?
Worry is the interest you pay on a debt you may not owe.