If a california gold TOKEN/Coin has a bear on the back, it's probably a replica token, of negligible numismatic value. During the California gold rush (which began in earnest in 1849 and reached a peak in 1852) small denomination coins were in short supply in the California territory. Local mints produced tiny tokens made of real gold with values of $1 or fractions thereof. You can read about them in various numismatic reference books. Genuine territorial gold tokens are worth hundreds of dollars --- if they are authentic and in nice condition. Far more commonly seen, however, are modern replicas. These are typically made of brass, perhaps plated with a thin coating of gold. Such tokens are of nominal value only, perhaps a dollar or so. (If a replica is made of solid gold, it is worth roughly the meltdown value of the metal.) Real territorial gold pieces usually have the word "dollar" along with a denomination on one side, and the year of issue with a Liberty head on the other side. Replicas generally lack the word "dollar" and often have a bear (or anteater-like creature) on one side. Beware of spending too much for a replica which has been. Sited from: http://zhurnal.net/ww/zw?NumismaticRamblings