Four-Dollar Gold Stellas (1879–1880)

The Stella Was Designed to Circulate in Europe, Not in the United States

John A. Kasson, serving as United States Envoy Extraordinary and Minister Plenipotentiary to Austria-Hungary in 1879, proposed a four-dollar gold coin whose weight, fineness, and value would place it within practical exchange range of the major European gold denominations then in circulation: the French 20-franc piece, the Austrian and Dutch 8-florin coins, the Italian 20-lire piece, and the Spanish 20-peseta piece. The Latin Monetary Union, established in 1865 among France, Belgium, Switzerland, and Italy (Greece joined in 1867), had created a framework of compatible gold and silver weights that allowed member-nation coins to circulate freely across borders. Kasson, with assistance from Dr. William Wheeler Hubbell, argued that a conforming gold coin would ease the constant conversion difficulties faced by travelers and merchants dealing between the United States and Europe. The proposal went to the Committee on Coinage, Weights, and Measures, chaired by Alexander Stephens, who requested that the Mint prepare patterns for Congressional evaluation. The obverse legend on every Stella, reading 6G .3S .7C 7 GRAMS, states the coin's composition in metric units: six grams gold, 0.3 grams silver, 0.7 grams copper, totaling seven grams. The denomination was named for the five-pointed star at the center of the reverse, stella being the Latin for star. The reverse replaces IN GOD WE TRUST with DEO EST GLORIA, meaning Glory to God.¹

Barber and Morgan Produced Competing Designs, and Both Survived into the Coin

In 1879 the rivalry between Charles E. Barber, who as his father William Barber's heir apparent at the Mint expected appointment as Chief Engraver, and George T. Morgan, the British-trained Assistant Engraver who had already produced the silver dollar design of 1878, shaped the Stella's production directly. Both engravers were asked to submit obverse portraits for the proposed denomination. Barber produced the Flowing Hair design, Liberty facing left with long unbound hair, and this was the design struck in quantity for distribution to members of Congress. Morgan produced the Coiled Hair design, where Liberty's hair is braided and wound tightly at the back of the head; this variant was produced in substantially smaller numbers. The two designs share identical reverse dies. William Barber died on August 31, 1879, and Charles Barber was appointed Chief Engraver early in 1880.²

The Four Varieties Differ in Rarity by Orders of Magnitude

The 1879 Flowing Hair is the most common Stella by a significant margin. Fifteen pieces are generally described as originals, struck in 1879; early in 1880 approximately 400 more were produced from the same 1879-dated dies to meet Congressional demand. Total production is estimated at approximately 425, though some researchers have proposed higher figures. These are the coins that passed among politicians, collectors, and dealers in the early 1880s, and the variety most frequently encountered today. The 1879 Coiled Hair is substantially rarer, with approximately 10 to 20 struck and perhaps 14 to 15 surviving. The 1880 Flowing Hair, produced in a separate striking using new dated dies, is considerably rarer than its 1879 counterpart despite a similar design. Walter Breen estimated only 15 struck, David Akers concluded that a second, smaller striking must have followed, and Garrett and Guth put the total at about 25; estimates of survivors run from about 15 to 25. The 1880 Coiled Hair is the rarest of the four: approximately 10 struck and perhaps 9 or 10 survive today. An 1880 Coiled Hair Stella graded NGC Proof 67 CAC brought $1,821,250 as lot 5301 of Heritage Auctions' CSNS U.S. Coins Signature Auction in April 2015. All four varieties were also produced in copper and aluminum examples, some of which were subsequently gold-plated; authentication is essential.³

Building the Set

The Stella occupies a hybrid position in numismatics: technically a pattern coin, it is listed with the regular issues in the standard references, as are the 1856 Flying Eagle cent and the Gobrecht dollar, and it is collected by date and variety rather than treated purely as experimental coinage. Gem (Proof 65 or finer) examples of the 1879 Flowing Hair are genuinely available by the standards of extreme rarities, and a problem-free example in Proof 63 or finer constitutes a reasonable acquisition goal for a serious advanced collector. The other three varieties require exceptional resources, deep patience, and willingness to wait for examples to appear at major sales, which may occur only once every several years for the Coiled Hair dates. For that reason a complete four-piece set in gold is seldom assembled. Examples of all four varieties were also produced in non-gold metals; the gold Proofs command dramatically higher premiums than any copper or aluminum counterpart. The standard specialist reference is J. Hewitt Judd, United States Pattern Coins, edited by Q. David Bowers, which catalogs the four gold Stellas as Judd-1635, Judd-1638, Judd-1657 and Judd-1660.⁴