Is This Gold Real

California fractional will have the words dollar under the amount, like 1/4 dollar or 1/2 dollar or something to that effect. This coin is just a token made to look like a California fractional gold piece. This one is real, you will see what I am referring to http://cgi.ebay.com/Only-2-Exist-18...70_W0QQitemZ260174823179QQihZ016QQcategoryZ39473QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

I read this in another auction and may be of some interest to you about your token

Bear type 2 tokens were made from the 1920's to 1940's, inspired by an earlier maker of Bear reverse tokens, M.E. Hart. This bear style shows the bear facing right with a straight or uneven back (not rounded). Also the lettering in "California Gold" is the same size, as opposed to some superscripted letters on Hart style tokens. There are a lot of different varieties of Bear 2 tokens, and because of the length of time these were made, it's not known if there was a linear ownership of dies, or more than one company was making these at the same time. (probably the latter). What is known for sure is that Tatham Coin and Stamp Co. was making them in the late 30's to mid 40's. Also, the LA Rubber Stamp Co was making some in the early 30's (they produced the 1932 Olympiad tokens with the Bear 2 style reverse). As for content, the were struck in gold, or gilt brass/copper. Sometimes both for a particular variety.

Direct link to Mike Locke's listing of all the fake california gold fractionals. (and on ebay you will see a lot more fakes than real ones)http://www.calgoldcoin.com/tokens.htm It gets you out of the frames format used by the Calgoldcoin site and lets you see the pages full screen.

It's not real gold but you can still get $20 or so on ebay.