Published on 9 September 2026 by Gold Reserve
On a French gold coin of the Second Empire, the emperor appears with two faces. The first shows him bare-headed, the profile clear, without ornament. The second crowns him with a laurel wreath, in the manner of the Roman emperors. Both portraits sit side by side in the catalogues, often on the same denomination, and telling them apart is the first thing a buyer wants to do when a coin is in their hand or when two listings look alike.
The short answer fits in one sentence. The bare head comes first, the laureate head second, and between the two lies a year that produced no circulation coin at all.
Napoleon I or Napoleon III?
Napoleon I on the 40 francs of the First Empire, Napoleon III on the 5, 50 and 100 francs of the Second Empire.
Before looking at the portrait, you need to know which emperor you are dealing with, because the same pair exists twice, fifty years apart. Napoleon I appears bare-headed and then laureate on the 40 francs of the First Empire, the wreath arriving in 1807. Napoleon III repeats exactly the same progression on the 5, 50 and 100 francs of the Second Empire, the wreath arriving this time in 1862.
That symmetry is not an engraver’s whim, it is a quotation. In moving from the bare head to the laureate head, the nephew repeats the gesture of the uncle, who was himself quoting Rome. In practical terms, for anyone identifying a coin, it means a laureate portrait is not enough to name the reign: you have to read the legend and the denomination.
When does the laureate head appear?
For the gold of Napoleon III, the switch is clean and dated. The 5 francs is struck bare-headed from 1854 to 1860, then laureate from 1862 to 1869. The 50 francs follows the same logic, bare head from 1855 to 1860 then laureate from 1862 to 1868. The 100 francs is struck bare-headed from 1855 to 1859, with no 1860 date, then laureate from 1862 to 1870.
The detail that really helps is that two-year gap. None of these three denominations has a circulation strike dated 1861. That is worth knowing when you read a listing, and the rule applies to gold only: the 5 francs in silver moves to the laureate head as early as 1861.
Are there coins dated 1861?
They exist, but they are not circulation coins. They are patterns, that is to say trial strikes made before the type was adopted, and the catalogue records them for the 100 francs as well as for the 20 francs, both engraved by Barre and carrying the year 1861 in the legend. These patterns are extremely rare.
The 50 francs is the exception, and it is a useful one: no pattern dated 1861 exists for that denomination. The only 50 francs pattern in the catalogue carries the legend ESSAI 1854, it is gold plated on tin and measures 28 mm.
The year 1862 is more interesting still, because it carries both at once: patterns and the first circulation strikes, the 100 francs laureate head entering circulation that year.
There is a practical consequence for a buyer. Faced with a 100 francs gold coin dated 1861 offered as an ordinary piece, the chance of it being a genuine pattern is vanishingly small, and the catalogue separately records a reproduction carrying precisely that year. An 1861 date on a coin of ordinary appearance should send you to have the coin examined, not lead you to conclude it is rare.
The series ends with the Empire, but the denominations carry on. The 100 francs returns under the Third Republic as the 100 francs Genie, struck from 1878 at the same gross weight and the same fineness, and the 20 francs takes on the face of the Coq from 1898. A French 100 francs gold coin later than 1870 is therefore never a Napoleon.
How do you identify the effigy on a worn coin?
By the edge and by the reverse, two marks that do not depend on the state of the portrait.
A worn coin, a poor photograph, a three-quarter profile, and the wreath becomes arguable. Two other marks then settle the matter.
The edge first. On the 50 francs, the bare head carries a plain edge with no inscription at all, while the laureate head carries an edge inscribed in relief. It is the quickest test, it reads without a loupe and it does not depend on the state of the portrait.
The reverse next. On the 50 and 100 francs laureate head, the shield is decorated with an eagle set on a fasces, surrounded by the collar of the Legion of Honour. That reverse belongs to the laureate period and there is no ambiguity left once you have seen it once.
Then there is the diameter, but it only helps on the 5 francs, and that is the trickiest case of the lot. The bare head exists in two modules, a small one of 14.4 mm struck in 1854 and 1855, and a large one of 16.7 mm struck from 1855 to 1860. The laureate head measures 17 mm. In other words a 5 francs of 14.4 mm is necessarily bare-headed, while a wide module still requires you to look at the portrait.
Do the weight and fineness change between the two?
No, and that is the point that matters for anyone buying gold rather than a collector’s coin. For a given denomination, the two effigies have exactly the same gross weight and exactly the same fineness. The 5 francs weighs 1.61 grams at a fineness of 900 in both cases, the 50 francs 16.13 grams, the 100 francs 32.26 grams, always at a fineness of 900.
The difference between a bare head and a laureate head is therefore not a difference in metal content. It is a difference of type, of relative scarcity and of taste. A buyer after the metal can take either without thinking twice. A buyer after the coin will choose according to the dates available and according to the mint.
| Coin | Gross weight | Fineness | Diameter | Dates |
|---|---|---|---|---|
| 5 francs bare head, small module | 1.61 g | 900 | 14.4 mm | 1854, 1855 |
| 5 francs bare head, large module | 1.61 g | 900 | 16.7 mm | 1855-1860 |
| 5 francs laureate head | 1.61 g | 900 | 17 mm | 1862-1869 |
| 50 francs bare head | 16.13 g | 900 | 28 mm | 1855-1860 |
| 50 francs laureate head | 16.13 g | 900 | 28 mm | 1862-1868 |
| 100 francs bare head | 32.26 g | 900 | 35 mm | 1855-1859 |
| 100 francs laureate head | 32.26 g | 900 | 35 mm | 1862-1870 |
Bare head or laureate head, which should you choose?
If the aim is to hold gold, the question barely arises: for a given denomination the two are worth the same to the gram, and the choice comes down to what is available when you order from our gold range. The 5 francs remains the smallest French gold format, the one that lets you start with a modest budget and sell in small quantities later. The 100 francs sits at the other end, with its 32.26 grams, and it concentrates the value in a single coin. If that concentration is what you are after, the comparison is worth pushing towards bars, and we set it out in which gold bar should you buy.
If the aim is to build a series, the bare head offers shorter striking windows, so fewer dates to gather but also fewer chances of finding them. The laureate head runs over seven to nine years depending on the denomination. And if this is your first purchase, our guide to buying physical gold covers the criteria from the start.
In both cases these coins qualify as investment gold and are ordered at the day’s price, with a detailed invoice in the holder’s name that will serve on the day of sale. We deliver in France and within the European Union, insured and by specialist carrier.
Frequently asked questions
Does a Napoleon III gold coin dated 1861 exist?
Yes, but only as a pattern. No circulation strike carries that year, and the 50 francs has no 1861 pattern at all.
Is the laureate head worth more than the bare head?
Not for the metal. For a given denomination the gross weight and the fineness are identical. The difference is one of type, relative scarcity and taste.
How do I know whether my 5 francs is bare head or laureate head?
A module of 14.4 mm is necessarily bare head. At 16.7 or 17 mm you have to look at the portrait.
Can a French 100 francs gold coin later than 1870 be a Napoleon?
No. The denomination returns in 1878 under the Third Republic, as the 100 francs Genie.
What is the smallest Napoleon III gold coin?
The 5 francs, 1.61 grams at a fineness of 900, from 14.4 to 17 mm depending on the type.
