BG- 864, 1871 California Fractional Gold 25C, Liberty Round NGC MS66 R5 initial "H"

Here's a great collectible California Fractional gold piece--from Leavenworth, Kansas! This issue was produced by Hershfield and Mitchell, the only documented maker of such pieces outside of California. This offering is the finest known of this variety. NGC has graded two as MS66 with none finer. PCGS has none graded above MS65.

Delaware Street in Leavenworth, Kansas, in 1867. Hershfield and Mitchell's shop is visible in this illustration on the right side of the street. Image public domain (published in 1867).

Reuben N. Hershfield, a Russian-Jewish immigrant, arrived in Leavenworth, Kansas, in November 1856 with his family of seven. At first, he worked as a watch repairman and then became quite involved in the Leavenworth community. He developed a successful jewelry business with Noah Mitchell (with whom he worked from 1862-1875).

In 1871, Hershfield hired a die cutter, a Mr. Fredenburg, to design and produce 25-cent and 50-cent round fractional gold pieces that he called "tokens or charms" and "trinkets." All of them carry the "H" mintmark for Hershfield. All together, there were nine varieties of 25-cent pieces and six of the 50-cent pieces.

Unaware of the Private Coinage Act of 1864, Hershfield and Mitchell were charged with making counterfeit coinage by the Secret Service. It appears that a combination of crooked and naive people were passing off the "trinkets" as legal tender. Eventually, after having their inventory confiscated and melted and their dies and machinery taken and destroyed, as well as much expense, the charges were dropped.