Most Pioneer Gold Is Counterfeit

Question: I have a coin that is thin, smaller than a dime, with the imprint “California Gold” and the date 1849 on it. I know that it was minted in the Gold Rush era, but I do not know the value of it. I’m enclosing a copy of both sides of the coin. Can you help me?--M.M.

Answer: California fractional gold, sometimes known as pioneer gold, is a fascinating area of numismatics, especially to those who live in the Golden State. For it was the discovery of gold here 140 years ago that triggered the Gold Rush and opened up the West to tremendous exploration and growth.

In fact, it was due to that instantaneous growth plus the lack of ready cast that led to private minting of California fractional gold. After all, the gold was very handy, and so were entrepreneurs who minted small octagonal and round gold coins in quarter-dollar, half-dollar and dollar denominations. Most of the coins were crudely minted; most also utilized Liberty head or Indian head designs. But varieties are plentiful and occasionally unknown varieties still turn up.

Surprisingly, interest in these coins lags among collectors. I’m only aware of two full-fledged books on the subject, “California Fractional Gold” by David and Susan Doering, published in 1980; and “California Pioneer Fractional Gold” by Walter Breen with collaboration of Ronald J. Gillio, published in 1983. Perhaps it is the lack of literature that has inhibited collectors, or perhaps it is the lack of collectors that has limited research.

In any event, enough is known to safely say that about 90% of coins claiming to be California fractional gold are actually counterfeits or replicas. I examined yours under a magnifying glass and detected the image of a bear on the reverse. That’s a dead giveaway that it’s a phony, because none of the genuine pieces have the bear image. It’s believed that these pieces were made as souvenirs and not with the intent to mislead the public.

Since your coin is a replica, it has no collector value. Genuine California fractional gold pieces are worth between $85 and $500, depending upon denomination, rarity and condition.

Q: About a year ago, while I was planting some bare-root roses in my garden, I uncovered a buried coin. It appears to be gold. On the front side is a figure of Liberty with the word “DUBOSQ” on her headband. The reverse has an eagle with the inscription “S M V CALIFORNIA GOLD TEN D” along the inside edge. It is dated 1850.

The coin is in excellent condition, the eagle’s feathers are sharp and Liberty’s hair and features are all distinct. Could you give me an estimate of its value?--R.C.

A: You are truly an inspiration for all of us home gardeners. Most of us usually get only blisters and dirt under our fingernails.

Unfortunately, the territorial gold coin you have described is very rare, and most likely what you have dug up is a replica. There are plenty of replicas around, very few genuine pieces. One was offered for sale recently for about $200,000.

So, first, get your coin authenticated. Most dealers can tell whether it’s genuine or not; or you can submit it to an authentication service. Meanwhile, take some time to enjoy the flowers.

Coin News

A kangaroo design (pictured) is replacing Australia’s nugget theme in the 1990 gold bullion coin series. The coins are available in these sizes: 1-ounce, one-half ounce, one-quarter ounce, one-tenth ounce and one-twentieth ounce, with face values of $100, $50, $25, $15 and $5. These bullion pieces are struck by the Perth Mint. For information, contact GoldCorp Australia, 1119 Colorado Ave., Suite 104, Santa Monica, Calif. 90401; telephone (213) 394-5339.

Also available is an Australian Nugget Proof Master Type Set with coins dated 1986, 1987 and 1988. Only 1,000 of these sets in a custom cabinet are available, with 350 allotted to the United States. Some Prestige Nugget type sets are also available. For information, contact PandaAmerica, 23326 Hawthorne Blvd., Suite 150, Torrance, Calif. 90505; telephone (800) 472-6327.

The Professional Numismatists Guild, a trade organization with more than 250 dealers who adhere to a strict code of ethics and other requirements, is offering a free membership roster. Contact the PNG executive director, Paul Koppenhaver, P.O. Box 430, Van Nuys, Calif. 91408; telephone (818) 781-1764.

More than $4 million was realized at the recent Saccone Collection auction in New York. Highlights included $12,000 for a proof-65 1856 Flying Eagle cent; $5,400 for a proof-64 1903 nickel; $14,000 for a proof-64/65 $1; $6,000 for a MS-65 1904 $1, and $26,000 for a MS-64 1878 $3 gold piece. Catalogues and prices realized are $20 from Bowers & Merena, P.O. Box 1224, Wolfeboro, N.H. 03894.

Coin Letter

I am a dealer in ancient coins. In a recent column a writer asked about magazines and guidebooks for collecting medieval and ancient coins. I thought your suggestions were good, but wanted to let you know that there is a relatively new monthly publication that specializes in ancient numismatics. It is The Celator, which costs $24 a year. The address is The Celator, P.O. Box 123, Lodi, Wis. 53555. Also, there are two excellent reference books, both published by Seaby & Co. in London and both written by David R. Sear. The books are “Roman Coins and Their Values” and “Greek Coins and Their Values,” Vol. 1 (“Europe”) and Vol. 2 (“Africa and Asia”).

We would be happy to give a free subscription to our catalogues and newsletters. Our address is: Worldwide Treasure Bureau, 2230 W. Sunnyside Ave., Suite 2, P.O. Box 5012, Visalia, Calif. 93278-5012; telephone (800) 437-0222. We have had several hundred new customers this year who had formerly collected only U.S. coins.

--SAMUEL E. COX, president