I just want to point out another opposite point of view, one very much consistent with my own, about the souvenir fractional gold published in 1948. George G. Reusch of Medford, Wisconsin wrote a query put to Mr. Cottin, Jr., of The Numismatic Scrapbook, published in the December issue on page 1168, which reads :

Here was the answer :

To read the earlier E-Sylum articles, see:
THE JOSEPH BROTHERS(www.coinbooks.org/v20/esylum_v20n02a16.html)
MORE ON THE JOSEPHS AND NUMISMATIC RESEARCH(www.coinbooks.org/v20/esylum_v20n04a11.html)
NOTES FROM E-SYLUM READERS: FEBRUARY 19, 2017 : California Fractional Gold After 1870(www.coinbooks.org/v20/esylum_v20n08a12.html)