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Message:: [QUOTE="900fine, post: 592194, member: 6036"]Here's one way to make sense of it all. Ask yourself "Why would anyone make such tiny coins ?" The answer is they needed small change. At the time of the California Gold Rush, there was no US Mint west of New Orleans, so there were very few coins. With thousands of people pouring in, San Francisco's population exploded. The lack of coins hampered commerce, so they traded gold dust and small nuggets. It's easy to see why that was a clunky way of doing things. Something had to give. By 1852, jewelers took matters into their own hands and began making their own small coins (25c, 50c, and $1). All of the Period One pieces (1852-1857), without exception, bore a denomination. In 1854, the San Francisco Mint opened, co-existing with the various assay offices and jewelers for a while. By the end of 1857, the Mint had cranked out enough small change to meet business demand. There was no need for private gold fractionals. They were obsolete, thus bringing an end to Period One coinage.[/QUOTE]