Stella Four-Dollar Goloid Coin, 1879-1880 | CoinWeek

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The Four-Dollar Stella was a short series of experimental goloid pattern coins struck at the Philadelphia Mint in 1879 and 1880. The coin’s name is derived from the star featured prominently on the reverse. Intended as an international currency, the Stella’s goloid composition was based on Dr. William Wheeler Hubbell’s patented alloy of 85.71% gold, 4.29% silver, and 10.00% copper. Despite its unusual composition, the Stella is often referred to as the Four-Dollar Stella Gold Coin.

The Stella’s lead backer, John A. Kasson was the serving United States Minister Plenipotentiary to the Austro-Hungarian Empire. Kasson supported the idea that the United States produce trade coins in the Latin Monetary Union (LMU) standard. The Latin Monetary Union was a historical precursor to the Eurozone, although it lacked much of the latter’s regulatory abilities. In the LMU, each member’s coinage adhered to a unified standard, facilitating trade between members. At the height of its implementation, the LMU consisted of five European member states and several non-member colonies and countries that also adopted the standard for their own perceived benefits.

The coinage of the LMU used a decimal system, its weights and measures based on the metric system, and the Four-Dollar Stella patterns were designed to interface with this system. Interestingly, due to its weight and fineness, the Stella did not precisely conform to the LMU standard as it contained a metal value of $3.85.

Kasson’s suggestion earned the support from former Confederate Vice President and subsequent Federal Congressman Alexander H. Stephens, who was then serving as chairman of the Committee on Coinage, Weights, and Measures. Stephens asked Treasury Secretary John Sherman (brother of Union General William Tecumseh Sherman) to provide the Committee with pattern coins for review.

United States Mint engraver Charles Barber, heir-apparent to his father William Barber’s position as Chief Engraver, designed the “Flowing Hair” obverse, while engraver George T. Morgan authored the “Coiled Hair” design. The dies were readied in November 1879. In December, Philadelphia Mint Superintendent A. Louden Snowden ordered the striking of 40 pattern sets. These were delivered on January 24, 1880, after having been struck on the Mint’s medal press. Congress ordered 100 additional sets in March. These Stellas, struck on a coin press, were delivered on April 5. Hundreds of additional 1879 Flowing Hair Stellas followed.

Five or six examples of the 1879 Coiled Hair Stella struck in aluminum are believed to have survived and sell for six figures when they appear at auction.

A Tawdry Tale Concerning the Four-Dollar Stella Coin

A few years ago, we interviewed coin dealer Russell Augustin for a segment of CoinWeek: UnCool Coins. Russ shared the “bordello” story about the Four-Dollar Stella. The story goes that several randy Congressmen traded or spent their Stellas on “the ladies.” The D.C. fille de joie then had the coins placed in necklace mounts. The earliest telling of the story that we are aware of comes from Walter Breen. We’re skeptical, to say the least.

Collecting the Four-Dollar Stella Coin

While one of the more common patterns, the availability of the Stella and its novel $4 denomination give it an enduring popularity for those who can afford the cost of entry. Ranked 28th in the first edition of Jeff Garrett and Ron Guth’s 100 Greatest U.S. Coins, the authors have since elevated it to 16th. Stellas are frequent highlights at major coin auctions.

The Four-Dollar Stella pattern coin was struck in two styles: Flowing Hair and Coiled Hair. Both types feature a left-facing portrait of Liberty wearing a diadem. Barber’s Flowing Hair design takes up more of the planchet. The two styles share the same obverse inscription and reverse designs. The obverse inscription reads * 6 * G * .3 * S * .7 * G * R * A * M * S *. This information relates to the coin’s metallic composition and weight.

The reverse is dominated by a five-pointed star with ONE STELLA 400 Cents inscribed on it. The legend UNITED STATES OF AMERICA wraps clockwise around the top border. The denomination FOUR DOLL. is beneath the central star. Between the rim inscriptions and the star is the motto E PLURIBUS UNUM and DEO EST GLORIA.

Finest-Known Set of 1879-1880 Stellas Appears at World’s Fair of Money

Attendees to the American Numismatic Association’s (ANA) 2024 World’s Fair of Money in Rosemont, Illinois, had the opportunity to admire the current-finest PCGS Registry Set of Stella Four-Dollar Goloid pattern coins. The set was comprised of an 1879 Flowing Hair graded PCGS PR67CAM CAC (#81897909), an 1880 Flowing Hair graded PCGS PR66CAM CAC (#47091873), an 1879 Coiled Hair graded PCGS PR65+CAM CAC (#49504181), and an 1880 Coiled Hair graded PCGS PR65+CAM CAC (#04316926). The set was represented by Silvano DiGenova and Mike Bonham of Tangible Investments, Inc., of Laguna Beach, California.

Flowing Hair, 1879-1880

• 1879: Flowing Hair. Judd-1635, Pollock-1833, JD-1. Rarity-3. Originally, 40 were struck for Treasury and Congressional examination. In 1880, hundreds more were struck for Congressional officials. An example belonging to Jeff Garrett was almost lost at the March 2015 National Money Show in Portland, Oregon after Garrett left the coin with a dealer colleague who later misplaced it. A collector found the rare and valuable coin and turned it in.
• 1880: Flowing Hair. Judd-1657. Pollock-1857. Rarity-6. +/- 25 known. According to information published at uspatterns.com, the 1880 strikes were struck on shaved half eagle planchets.

Coiled Hair, 1879-1880

• 1879: Coiled Hair. Judd-1638. Pollock-1838. Rarity-6. 12-15 known.
• 1880: Coiled Hair. Judd-1657. Pollock-1860. Rarity-6. Estimated 10 struck; Heritage Auctions has accounted for nine.

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The finest-known 1880 Coiled Hair Stella was a major highlight of the Heritage April 2015 Central States sale. Auction analyst and CoinWeek contributor Greg Reynolds examined the coin and wrote about it before and after it sold for $1,821,850.

Four-Dollar Stella Coin Specifications

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