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1857-dated California Gold Token, Indian Head – Wreath #5, 10 Stars, Octagonal, ~11.3 mm, NGC MS-64.
This matches Mike Locke’s CalGoldCoin.com listings under Wreath #5 (slender laurel wreath with paired leaves and berries, “CALIFORNIA” above and “* GOLD *” below the date). Multiple 1857 Indian varieties exist with differing star counts (including 10-star pieces); the octagonal format and ~11.3 mm diameter places it in the typical ½-size range for these tokens. These are private California jeweler-made souvenir pieces (often gilt or low-fineness gold), not circulating fractional gold.
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