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¼ Dollar California Territorial Gold "Octagonal Liberty Head"
| Issuer | United States |
|---|---|
| Year | 1870-1871 |
| Type | Emergency coin |
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|---|---|
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| Reverse script | Latin |
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| Mintage | 1870 1871 |
| Additional information |
California's small-denomination territorial gold pieces filled a genuine gap — federal coinage law set no minimum on privately issued gold, and the quarter-dollar pieces circulated heavily in a state where the economy ran almost entirely on gold dust and coin. The octagonal format was a deliberate differentiator from federal round coinage, making the pieces instantly identifiable by touch in a pocket or pouch.
By 1870, most of these were being struck by a handful of San Francisco jewelers and assayers rather than any official body. The 1864 federal law prohibiting private coinage was selectively enforced in California for years after passage.