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Auction 72 25 Oct 2022
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United States 1871 Gold Quarter Dollar NGC MS 61 #1900855-006 (AGW=0.0072 oz.)
MS 61 | UNITED STATES.
Gold quarter dollar, 1871.
The California Gold Rush (1848-1855) brought hundreds of thousands of people worldwide to the fields of the California Territory in search for riches. With the sudden boom in population, the area needed a currency system for the buying and selling of goods. The San Francisco Mint was not established until 1854-and not in full production until two years later-and the federal assay office, established in 1851, was restricted to only coining 50 dollar ingots as their lowest denomination. Despite their restrictions lifting one year later, the assay office only then went as low as 10 dollars (a piece colloquially called the eagle). Private bankers helped with a 5 dollar coin, but there still remained a strong need for smaller coinage, as the original payment format of pinches of gold dust was not sufficient.
In 1852, a few California jewellers began striking their own small denominations-1 dollar, 50 cents, and 25 cents-to meet this need. Of course, there was no regulation and intrinsic value varied between jewellers (and perhaps rounds of production), but with the boom of the Californian economy and the demand for smaller denominations, they were accepted. Despite the fact that they were private coinage, the coins assimilated the look of official US coins. Production of circulated fractional gold ceased around 1856, likely when the Mint became more functional and released federally sanctioned silver coinage. Fractional coins of this period (known as Period One) can be found dated or undated, and some with jeweller "mintmarks", that is, their initials.
Three years later in 1859, fractional coins were reproduced, issuing in Period Two (1859-1882) of California fractional gold. Although reasons are uncertain, the coins may have been struck-now often very debased-for souvenirs. The gold rush was primarily over, but California was now left a thriving cultural melting pot of Americans and foreigners. Tourism from the East and Europe was now streaming in, and Period Two coins were the perfect collectable, and the jewellers experimented more with shape, putting them in jewellery, and muling old dies together.
The US Secret Service got wind of these coins, and, despite not currently used as legal tender, a crackdown on fractional coins was initiated, as the Secret Service viewed the pieces as a violation of the law which prohibited private coinage. As the souvenirs were still in demand, jewellers and other fractional coin makers then turned their productions covert; the underground production of fractional coins is considered Period Three. Period Three coins are backdated to avoid prosecution. The initial popularity for fractional gold ended after the 1880s, but resurgence happened in the mid-20th century (although normally of higher gold content of the original).
Liberty head left, with stars around, "G" and date below/ "1/4 DOLLAR CAL" within wreath.
In secure plastic holder, graded NGC MS 61, certification number 1900855-006.
NGC Census in this grade: 8.
NGC Census in higher grade: 24
Total NGC Census: 32
Reference: BG-768
Weight: 0.25 g. (AGW=0.0072 oz.)
Composition: 900.0/1000 Gold.
PLEASE NOTE: 6% Buyer Premium + VAT on this lot. No other fees, including live bidding. Delivery cost will be added to your order.
MS 61 | UNITED STATES.
Gold quarter dollar, 1871.
The California Gold Rush (1848-1855) brought hundreds of thousands of people worldwide to the fields of the California Territory in search for riches. With the sudden boom in population, the area needed a currency system for the buying and selling of goods. The San Francisco Mint was not established until 1854-and not in full production until two years later-and the federal assay office, established in 1851, was restricted to only coining 50 dollar ingots as their lowest denomination. Despite their restrictions lifting one year later, the assay office only then went as low as 10 dollars (a piece colloquially called the eagle). Private bankers helped with a 5 dollar coin, but there still remained a strong need for smaller coinage, as the original payment format of pinches of gold dust was not sufficient.
In 1852, a few California jewellers began striking their own small denominations-1 dollar, 50 cents, and 25 cents-to meet this need. Of course, there was no regulation and intrinsic value varied between jewellers (and perhaps rounds of production), but with the boom of the Californian economy and the demand for smaller denominations, they were accepted. Despite the fact that they were private coinage, the coins assimilated the look of official US coins. Production of circulated fractional gold ceased around 1856, likely when the Mint became more functional and released federally sanctioned silver coinage. Fractional coins of this period (known as Period One) can be found dated or undated, and some with jeweller "mintmarks", that is, their initials.
Three years later in 1859, fractional coins were reproduced, issuing in Period Two (1859-1882) of California fractional gold. Although reasons are uncertain, the coins may have been struck-now often very debased-for souvenirs. The gold rush was primarily over, but California was now left a thriving cultural melting pot of Americans and foreigners. Tourism from the East and Europe was now streaming in, and Period Two coins were the perfect collectable, and the jewellers experimented more with shape, putting them in jewellery, and muling old dies together.
The US Secret Service got wind of these coins, and, despite not currently used as legal tender, a crackdown on fractional coins was initiated, as the Secret Service viewed the pieces as a violation of the law which prohibited private coinage. As the souvenirs were still in demand, jewellers and other fractional coin makers then turned their productions covert; the underground production of fractional coins is considered Period Three. Period Three coins are backdated to avoid prosecution. The initial popularity for fractional gold ended after the 1880s, but resurgence happened in the mid-20th century (although normally of higher gold content of the original).
Liberty head left, with stars around, "G" and date below/ "1/4 DOLLAR CAL" within wreath.
In secure plastic holder, graded NGC MS 61, certification number 1900855-006.
NGC Census in this grade: 8.
NGC Census in higher grade: 24
Total NGC Census: 32
Reference: BG-768
Weight: 0.25 g. (AGW=0.0072 oz.)
Composition: 900.0/1000 Gold.
PLEASE NOTE: 6% Buyer Premium + VAT on this lot. No other fees, including live bidding. Delivery cost will be added to your order.