Recommended reading : "California Fractional Gold" by Breen / Gillio. The San Francisco mint opened in 1854. By 1856, they had cranked out enough small denomination silver to alleviate California's "small change" problem, so Fractional Gold was no longer practical or needed. Only California Fractional Gold before 1857 are referred to as "Period 1" pieces - struck by private interests for commerce. So-called "Period 2" and "Period 3" pieces (1857 and later) were struck by jewelers not for commerce - but as souvenirs. For this reason, many are found Mint State. And many are ex-jewelry. Many, many "coins" are pre-dated... struck in later years and dated early 1850s. There is a lot of junk out there - be careful !