Weigh it. The genuine token (it wasn't made by the government so it isn't a coin) weighs a tick under 33 grams. The replicas weigh less. Many replicas are the ones Chrysler had made to promote the Gold Duster ( I saw the same info John did but I didn't copy and paste it), but these were being faked long before 1970.
Genuine $20 and $50 California territorial gold tokens are rare, regardless of the assayer. The most 'common' of them are valued at $3,500 in lower grade condition and the most valuable high grade tokens top half a million dollars each.
They were part of a new car promotion in 1969/70 for the 1970 Gold Duster. They were handed out to anyone that came into the dealership to promote the car. Literally tens of thousands of them were given away and they are now the most frequently encountered fake California pioneer gold piece. With the possible exception of the boatload of fake California fractionals.
Doesn't look like they are real gold. Composition is some base metal. They're trying to sell them for $16 - $75 on eBay.
Try taking it down to your local coin/bullion store... they can do some tests on it and tell you what it really is.
This is a 1855 20 dollar gold piece by Blake&co. assayers sac. California What is it worth??
