Ron Guth: BG-302 is a small California Fractional Gold coin that has been nick-named the "Peacock" reverse because of the rays that fan out behind the eagle, similar to the way a peacock displays his tail feathers when attempting to attract a mate. In reality, the bird on the back of the BG-302 is an eagle, perched on a single arrow, its tail feathers dangling downward, with rays of glory behind.
This reverse was also used on BG-303, and these are the only appearances of this die.
Listed as a Low Rarity-4 (approximately 150-200 known), this is a popular variety because of the unusual design type on the reverse. PCGS has certified over 100 examples as of August 2012, consistent with the BG rarity rating. Mint State survivors are fairly plentiful, usually in MS-62 to MS-63, and the best examples seen by PCGS include two Gem MS65s.
American Numismatic Rarities "Classics Sale" 7/2003:933, $4,370