1871 California Gold 50c Fractional Coin, Round Liberty (PCGS AU58)

Please see images for details.

California gold coinage is a broad category of privately-issued coin-like items that were used in place of official currency in the United States territory (later state) of California during the gold rush of 1849. Since the federal government reserves the right to issue legal tender coins, California gold coinage is a misnomer and actually references coin-like ingots with a stated tender value, tokens with a stated tender value (denominated), and tokens without a stated tender value (non-denominated). These items are only classified as an ingot if the value of the metal was close to the tender value marked on the piece. In spite of the misnomer, it is common practice among numismatists to label coin-like ingots and denominated tokens as 'coins' while labeling the non-denominated tokens as 'tokens'. Also, the small California Gold coins and tokens have been made in many locations other than California, often with a claim of being from California on the piece and these items are generally labeled as California Gold Coins or Tokens.

Tokens with a stated tender value were produced from 1852 until 1883 as well as spuriously in later years. These were made in denominations of $1, $0.50, and $0.25 in both round and octagonal shapes. In the early period, from roughly 1852 through 1853, the coins were made for actual use due to a scarcity of silver coins. These coins were quickly rejected as being too small to handle, but simultaneously gained popularity for use as souvenirs that could be economically mailed to families. Although the earliest issues had about 80-90% of the correct weight for the denomination, the weights constantly decreased over the years of issue. Only the extremely rare "defiant eagle" issue has the full weight of gold.[2]

Due to the uniqueness of each item, please refer to the photos provided in this auction. We offer high resolution images of each item rather than a written description of condition.

This item is being shipped from the Pristine Auction warehouse.