California Fractional Gold Coin with One on the back of it and bear

Sorry to be the bearer of bad news, but this is an obvious fake, and a bad one at that. The first give away is the color of the token, gold does not tarnish/discolor the way this piece has, this is made of brass most likely. The second fault is the strike, it lacks the detail a real piece would have. The third and fourth give always are found on the reverse of the coin, a real piece would not have a bear on the reverse, and it would have dollar spelled out. Glad to hear you didn't pay anything for the piece. Unfortunately, the market for fractional gold currency has three or four fakes at least for every authentic one, and again some of those fakes are very well done, if you do not know what you are getting into it can be a very scary market. Attaching some additional reading material on the topic as well.