Hi Trena -- You say your great grandfather found this piece in field in Saskatchewan? That's pretty neat. It comes from, as best as I can tell, two provinces over: British Columbia. Unfortunately, since your piece was mounted as jewelry, it carries almost no value to coin collectors. It contains a small amount of 9 karat (0.375 pure) gold, so maybe a buyer would pay gold value for it.
Our picture comes from OldWestGold in Ohio, and CoinQuest thanks them for use of their photo. It is a nice item!
Information is sketchy on these privately minted gold tokens. I have seen examples in 1/4, 1/2, 1, and 2 dollar denominations. The two dollar piece (see our secondary picture) has a eagle on the reverse and inscription BRITISH COLUMBIA GOLD.
According to noted numismatist Ronald Greene, Secretary of the Canadian Numismatic Research Society, these coin-like objects were never were used for money or circulated. Instead they were intended to be incorporated into jewelery. They were cheaper to produce than buying a gold dollar, which the US had, but Canada didn’t. The date 1849 wasn’t used by the makers, Jacoby Bros., prior to 1926. These are not to be confused with 'California Fractional Gold' coins which carry very high prices. For more information, see Ron Greene's Article on Canadian Jewellers Pieces.
Establishing values for these tokens is not easy. They are scarce, but so are collectors of such material. We hazard a guess at catalog values here:
with remnants of solder from jewelry: $30 US dollars approximate catalog value
circulated: $50 US dollars approximate catalog value
fully uncirculated and in a numismatic holder: $450
Because these tokens are not well known, and because the minting quality is crude, I have seen them called 'fantasy coins' and sold for a few tens of dollars. On the other hand, authenticated, graded, and encapsulated specimens sell for $500.
If you have a nice looking example of a BC gold token, take it to a knowledgeable collector or professional coin dealer for an in-person appraisal. You should also consider having it authenticated by PCGS, NGC, ANACS, or ICG. Look them up on the Internet. Do not use other services.