New Red Book Expands California Fractional Gold Section: Jeff Garrett

By Jeff Garrett for Numismatic Guaranty Company (NGC) ……
The Whitman Publishing group was sold about two years ago to Coin Dealer Newsletter (CDN) Publishing. This included the iconic numismatic reference A Guide Book of United States Coins–the Red Book. The Red Book is usually within arm’s reach of most collectors and dealers. I’m proud of the fact that both advanced collectors and those new to the hobby find the book useful.

I have been involved with the Red Book for more than 20 years. My initial task was to help with pricing for the gold coinage section. Over time, my duties expanded as legendary editor Ken Bressett neared retirement. In 2019, I became the Senior Editor of the iconic title. The task of pricing every U.S. coin each year was a monumental job. This left little time for editorial updates and the book remained little changed for the most part, with the exception of new issues from the United States Mint.

The 2026 Red Book will be very different from past editions. Pricing will now be administered by the CDN group, with the latest and most accurate values in the hobby. This has created the opportunity to spend much more time improving the editorial content of the Red Book. In the 2026 edition, which will be released in the next 30 days, readers will notice a lot of changes and updates. Changes start with a completely new “Introduction to Numismatics” section and will be evident throughout the book.

During one of our extensive strategy sessions for the 2026 Red Book with Publisher John Feigenbaum, it was decided that the Red Book should reflect how people actually collect a series. This included everything from adding Full Bands to Mercury Dimes to expanded grading columns for many series. After much discussion, it was decided that the section for California Fractional Gold coins was very outdated and, more importantly, did not reflect how the series was collected.

Previous Red Books listed coins by their basic types and denominations. This simplistic approach did not give this complex and interesting series the attention it deserved. After much debate about how many extra pages it would require, we decided to list every coin by Breen Gillio (BG) numbers. This meant adding about six additional pages to the Red Book, but now the book gives important information to anyone collecting California Fractional Gold.

California Fractional Gold coins have always been one of my favorite series. In the 1980s, I assembled a large collection and later sold them, much to my regret today. I was very drawn to their relatively low cost and historical significance.

My appreciation for California Fractional Gold coins deepened several years ago, when the Odyssey Marine Corporation excavated the shipwreck site of SS Central America. I was hired to appraise material as it was brought up from the sea floor. The coins had been placed into plastic Tupperware containers along with the sea water for preservation purposes. Each container was like a miniature time capsule from the year 1857. It was one of the most interesting and exciting assignments of my numismatic career.

I had the opportunity to closely examine thousands of wonderful US gold coins. As much as I found the US gold coins to be interesting, one of the most fascinating observations was discovering the presence of quantities of California fractional gold coins. These tiny gold coins were clearly circulated during the California Gold Rush. It’s hard to believe that something as small as the California gold Quarter Dollar actually was used as money. The proof was in these Tupperware containers.

Due to the scarcity of smaller denomination coins during the Gold Rush, privately struck Quarter, Half Dollar, and Dollar coins were minted starting in 1852. These coins circulated alongside smaller-sized silver coins from around the world, many of which were also found on Central America. The fractional gold coins were lightweight but still accepted in commerce.

Dozens of private companies minted California Fractional Gold coins and there are about 575 different varieties known of all types. The standard reference for the series is California Pioneer Fractional Gold by Walter Breen and Ronald Gillio. Coins are assigned BG numbers when attributed and now will be listed in the Red Book.

The Coinage Act of April 22, 1864, made private coinage illegal in the United States, but the law was not fully enforced until 1883. The coins issued after 1883 are considered tokens, and do not state the denomination in most cases. There are also plentiful modern replicas that are gold-plated and nearly worthless.

Collecting California fractional gold coins can be fun and exciting. Many of the coins are tangible links to one of the most exciting eras of American history. I particularly like the Type One issues from 1852 to 1857 that circulated or were struck during the Gold Rush.

Other private California gold coins of higher denominations are beyond the reach of most collectors. Many are priced in the tens of thousands of dollars. You may not be able to afford a Fifty Dollar “slug”, but a very similar design can be found on varieties of Dollar coins from the same period.

The Type One California Fractional Gold coins were produced in six major configurations. These include Quarter, Half Dollar, and Dollar coins that are either round or octagonal. This six-coin type set would be a great way to start a collection of this fascinating series. For the specialist, there are hundreds of varieties and types. There are also a few unique designs, such as the “Defiant Eagle” Quarter Dollar that is extremely rare. The “Peacock Reverse” is another favorite.

Later issues that were struck from 1858 to 1882 were mostly produced as tokens for the collector or souvenir market. These issues are usually found with Liberty Head and Indian Head types. Some examples were produced with the head of George Washington, also in round and octagonal configurations. Many were produced in limited numbers and come Prooflike in appearance. Collectors often assemble type sets of this series as well, with examples of the Indian and Liberty types in the various denominations and shapes.

Years ago, collecting California Fractional Gold coins was tedious, to say the least. The coins are tiny – literally small slivers of gold. Third-party grading has been a boon to this particular series. When the coins are certified, they become easy to manage and highly collectible. NGC also performs the important task of assigning each coin the proper variety attribution. Collectors of the past also had to guess a coin’s rarity based on experience or appearance at auction. The NGC Census provides an extremely valuable tool for assessing rarity.

California fractional gold coins are affordable and one of the most interesting series of coins struck in the United States. You can purchase one or two coins as relics of this era or go all-in by trying to assemble as many different varieties as possible. It would be nearly impossible to complete a variety set, but the challenge would be extremely interesting, and the new Red Book will be a handy guide.

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