California gold questions

dan1ecu

Does anyone know if the fractional California pieces were legal U.S. tender? Were they minted by companies, or by a U.S. mint? Could they be spent anywhere in the country? Regarding the gold coins made by companies, did they do this because it was difficult to transport coins in those days? Were these coins circulated only among those who were affiliated with the company? Was the gold bought directly from prospectors?

Thanks,

Dan

Flash

They were privately minted from native California gold in order to alleviate the shortage of small coins during the California gold rush. Until the passage of the Act of 1864 they were legal to use. While leagal to use prior to that act, I would not classify them as "U.S. Tender", since they were not authorized by the United States government. Those minted after the Act of 1864, until 1882, were not legal. I'm sure others can give more detail on the private minters.

relayer

Dan-

They were created privately due to a shortage of gold issued as legal US tender. If you have a Redbook, there is a good information there.