Is This A Legit Fractional Cal Gold Piece? Value?

It's a token. It may or may not contain actual gold.

Yes, most of the bear issues are not "real" fractional gold, but they may still be gold nonetheless.

A more important diagnosis is to look for the word "dollar" or its abbreviated forms "dol.", "doll." and so on. The jewelers' copies and tokens do not have this because it would pass the piece from being a token into being a counterfeit under the law.

This is a "real" 1874-dated fractional 50 cent octagonal gold issue (BG-930) from my collection, graded AU58 by PCGS. Note that the reverse features "dollar" and also "cal" -- the 1874 date is likely fantasy, and these were produced well into the 1890s and early 1900s, with varying actual gold content between 3 kt to 8-10kt. The real fractional gold issues only circulated briefly, if at all, in the late 1840s and early 1850s.

Looks awfully like a jeweler's copy to me.
Because it is inside the slab and the coin cannot be checked, it also brings great doubt on the slab as well.

Actually, it is easier to produce high quality fake slabs than coins. Fake credit cards that work have proven this.

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BStrauss3: I am now corrected.