History Behind California Pioneer Gold

Question: Can you tell me the history of this coin? Thirteen stars surround a woman’s head with the date 1860 under the head. The other side has a grizzly bear with poppy vines on either side of it. I realize it is a commemorative coin and probably worth little, but I would like to know why it was issued at all.--E.B.

Answer: California fractional gold, also known as California pioneer gold, is little understood or appreciated by collectors. One of the reasons is that, as the name implies, the gold was made primarily by jewelers during the Gold Rush when money was scarce and gold was plentiful. During the early period, 1852 to 1856, weight was strictly adhered to, and these pieces were a great aid to commerce. Later issues, 1859 to 1882, were often underweight; many were made on the East Coast and often the primary purpose was for jewelry.

Still, these issues carry the romance of the West and are interesting because of their diversity in design, although most have some design relationship to the others. These pieces were either round or octagonal, and the obverses almost invariably had a Liberty or Indian-head design. The reverses usually had the denomination and often the legend: California gold.

But one thing is certain: None of the genuine California fractional gold pieces have a bear design, such as you describe. In fact, I can say with utmost certainty that what you own is a copy or souvenir piece, probably not gold at all but possibly gold-plated. As far as numismatics is concerned, your coin has no collector value.

I do not know how many pieces such as yours exist, but they’re fairly common, judging from the letters I receive on the subject. I don’t know who produced these pieces, but I don’t believe they were made with the intent to defraud or mislead the public. They were probably made for a fair or, perhaps as you suggest, a commemorative event; and somehow through the years, they’ve become accepted as the real thing. Wrong.

Genuine California fractional gold pieces are worth about $75 and up, with the round designs usually worth more than the octagonal. If you really wish to pursue the subject, there are two interesting numismatic books devoted exclusively to California fractional gold. One, appropriately titled “California Fractional Gold,” is by David and Susan Doering. The other, “California Pioneer Fractional Gold,” is by Walter Breen.

These small coins deserve a better fate than they’ve received so far from collectors. But if you decide to plunge into the field, make certain what you buy is genuine. Insist on a written guarantee and/or authentication from the American Numismatic Assn., P.O. Box 2366R, Colorado Springs, Colo. 80901.

Coin News

While the Statue of Liberty commemoratives have been hogging the numismatic spotlight, other interesting developments have been brewing. The United States, which has not issued a gold coin for circulation since 1932, is moving closer to issuing four gold pieces next year. The House of Representatives approved a bill this week, which the Senate already approved, that would authorize $50, $25, $10 and $5 gold pieces that would compete against the banned South African krugerrand and other gold coins. The coins would be legal tender but primarily would appeal to collectors and investors. Only President Reagan’s signature is required. A $5 gold piece is included in the Statue of Liberty set, which includes a silver dollar and copper-nickel half dollar. These coins, as mentioned here last week, may be ordered from the U.S. Mint, U.S. Liberty Coin Program, 633 3rd St. N.W., Washington, D.C. 20220, or by calling (202) 534-6728.

A 1986 calendar (pictured) in which coins are depicted in settings of the times in which they were in circulation, is available for $7.95 including tax and postage. They may be purchased from: The Artworks, 12842 Valley View St., Suite 202, Garden Grove, Calif. 92645.

Coin Calendar

Dec. 14 and 15--A special holiday coin and stamp exposition has been scheduled at Glendale Civic Auditorium, 1401 N. Verdugo Road, Glendale. More than 100 dealers are expected to participate, featuring gift items such as Christmas and Hanukkah silver bars, gold and silver jewelry and stamp items. Hours are 10:30 a.m. to 8 p.m. Dec. 14 and 10 a.m. to 5 p.m. Dec. 15. Admission is $2.

Don Alpert cannot answer mail personally but will respond to numismatic questions of general interest in this column. Do not telephone. Write to Your Coins, You section, The Times, Times Mirror Square, Los Angeles 90053.