Specialists in California Fractional Gold
 Many visiting this site may be wondering what is California fractional gold coinage? How, when and where did these fascinating small gold coins originate? Are they made out of real gold? What are the different types and varieties? Who made these rare and interesting historical little gold coins and for what purpose? How do I tell if one is genuine? How do I begin collecting or investing in California fractional gold? What references and pricing guides are available on line or in print? All of these are great questions of which we will attempt to answer.
Firstly, our experience in specializing in fractional gold extends beyond 35 years. While we handle other numismatic items such as Territorial gold, old silver and gold ingots or bars to most other US coinage, we find none so fascinating as California fractional gold. We believe once you hold one of these small gold coins in your hands, you too will be hooked on their beauty, historical significance and most of all, their rarity. This web site is provided as a reference and guide to those collecting or needing additional information on fractional gold. We could not possibly begin to detail every item involving California fractional gold but offer this base information to those it may assist.
California fractional gold coinage was born out the necessity of the California Gold Rush. During the beginning of this period in history great numbers of people were drawn West seeking fortune from the new discovery of gold. As this new frontier emerged and grew, shortages of almost every commodity, including currency, became the norm. Gold dust and nuggets were initially used to barter for goods but was became combersome and difficult in the growing commerce of the new West. People needed a more standard and stable solution.
Enter the private mints of territorial gold. Gold was readily available and the obvious choice to use as a monetary exchange. Private mints began stamping out coinage mostly in the form of large gold pieces. For awhile these pieces seemed to meet the needs of handling daily commerce between store owners and their customers. It soon became apparent that smaller gold currency was needed. Jewelers and again private mint companies began producing California fractional coinage in limited quantities. Denominations of quarter, half and dollar were produced in both round and octagonal shapes. Each small gold coin would reveal the specific denomination with the word DOLLAR, DOL or DOLL on the reverse. Obverse designs were mainly Indian or Liberty heads with a few exceptions which included the Arms of California design and Washington head varieties. All seemed to go well for several years until the San Francisco Mint opened in the mid 1850's. By the early 1860's the new Government Mint appeared to be setting the standard for currency of all types and denominations. Fractional gold continued to be minted for many years later due to its' popularity until 1882 when Federal Law prohibited private mints from producing coinage.
There are basically three accepted categories of California Gold coins. The first category which consists of the genuine pieces minted between 1852 and 1882. These pieces MUST have the word DOLLAR, DOLL or DOLL on the reverse. Most are referenced in the California Pioneer Fractional Gold guide by Walter Breen and Ronald Gillio. This reference can sometimes be difficult to obtain as limited quantities were produced in either of the two Edition printings. The most recent edition is the second edition printed in 2003. Copies can be found periodically on the internet for sale. The American Numismatic Association(ANA) Library has at least one copy for checkout for ANA members. We do handle a copy or two periodically for sale but it's very difficult to maintain a steady stock on. Rarities generally range from R1 thru R8 and Unique(1 known to exist) with R8 being the rarest or least number of pieces known to exist. R-1 = over 1,250 pieces; R-2 = 501 to 1,249; R-3 = 201 to 501; R-4 = 76 to 200; R-5 = 31 to 75; R-6 = 13 to 30; R-7 = 5 to 12; R-8 = 2 to 4 known to exist. There are LOW and HIGH rarity variations beginning at R-4 and going to R-8.
The second category consist of tokens, not considered fractional gold, were minted mainly by jewelers between 1882 and 1920's. Made of usually real gold, these pieces were normally backdated prior to 1882. Most were well made and emulated the fractional gold pieces. One main item differentiated these pieces and that was the absence of the word DOLLAR, DOLL or DOL on the reverse as required on the category one pieces. The reverses would normally only show ¼, ½ or the equivalent. California Gold Tokens while not as valuable as coins, are still quite scarce and collectible. Pricing can range from $25 to several hundred dollars depending upon their variety and condition.
The final or third category is referred to as modern tokens or fantasies. While they share the Indian and Liberty Head designs along with early dates, they are normally not struck in gold but in brass or pot metal. They generally have a bear or star on the reverse and again lack the word DOLLAR, DOLL or DOL on the reverse. These sometimes can be confused by uneducated collectors. Please see our worthless token web page for some of these designs so you do not overpay for these very common pieces.
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