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California Fractional Gold

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.

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California Fractional Gold

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

  2. 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}

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

  4. 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.

  5. 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

  6. 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.

  7. 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

  8. You tell me?

  9. 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

  10. Periods • Period 1 - 1852 to 1856 • 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.

  11. 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

  12. Period 1 BG 301 BG 201 BG 529 BG 402

  13. Period 2 • Many Jewelers made these coins • - • - • -

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

  15. 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

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

  17. 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)

  18. 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 ++)

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

  20. 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

  21. 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”

  22. Thank You! Happy Hunting

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