The
$4 gold coin was produced as a potential international
trade coin. Charles Barber created the Flowing
Hair design, and around 425 coins were struck
so that congressmen could review them.
The idea failed, and the Stella
was never minted for circulation. Many examples
were kept as pocket pieces, as there are numerous
coins seen today with a great deal of wear or
damage.
The exact mintage for the issue
is unknown. It has been speculated that around
15 coins were struck in 1879, these being so-called
originals. The surfaces of these examples are
deeply mirrored, and lack die striations. A much
larger number of coins were reportedly struck
later, possibly in 1880.
These later coins are seen with
lightly striated surfaces and with considerable
mint frost for a Proof issue. The $4 gold Stella
is one of the most desirable U.S. gold coins.
Note: This coin is included among the 100 Greatest
U.S. Coins (Garrett and Guth 2005)
Beginning in the 1870s, several countries advocated the establishment of a universal coin that would correlate to several international currencies. A few efforts were made early in the decade, hence coins such as the 1874 Bickford Pattern Eagles were produced, but the most serious attempts came in 1879. That year, America's minister to Austria, John A. Kasson, proposed a Four Dollar gold coin with a metallic content stated in the metric system, making it easier for Europeans to use. Per Kasson's proposal, this new coin would approximate in value the Spanish 20 Peseta, Dutch 8 Florin, Austrian 8 Florin, Italian 20 Lire, and French 20 Franc piece, among other denominations. The purpose of the $4 gold coin was to facilitate international trade and travel for Americans-the same motivation behind the 1874 Bickford Eagle and other gold Patterns.
Congress became interested
enough in Kasson's suggestion to order the Mint to
produce a limited run of the Four Dollar gold pieces
so that Congressmen could review the coins. Soon thereafter,
Chief Engraver Charles E. Barber prepared an obverse
design that depicted a portrait of Liberty facing
left with long, Flowing Hair. Meanwhile, George Morgan
created a motif featuring a portrait with Coiled Hair.
The 1879 Flowing Hair
Stella is the most available of the four known varieties,
as this was the version produced for Congress. Although
425 pieces were supposedly struck, it is likely that
as many as 725 were minted in total. One numismatic
legend states that most Congressmen gave their "Stellas"
to mistresses as gifts, which would explain the large
number of ex-jewelry specimens known today. The other
three varieties, the 1879 Coiled Hair, the 1880 Flowing
Hair, and the 1880 Coiled Hair are all significantly
more rare.
Designed by Charles Barber, the Flowing Hair version
features a portrait of Liberty with loose, fluid hair
locks. At the edge, the inscription 6G3S7C7GRAMSis
found, indicating the weights and standards of the
coin.
On the reverse, the
eponymous star is located in the center containing
the words ONE STELLA 400 CENTS. Circumscribing the
star are the words E PLURIBUS UNUM DEO EST GLORIA
further encircled by UNITED STATES OF AMERICA FOUR
DOL.
The Coiled Hair version,
designed by George T. Morgan, is similar, with the
only difference being the obverse portrait. On the
Coiled variety, Liberty is wearing a coronet and the
hair is braided. The word LIBERTY is inscribed on
the headband. Standards: weight 7 grams (although
restrikes vary in exact weight); composition .857
gold/.042 silver/.100 copper; diameter 22 mm. Edge:
reeded.
Rarity: 1879 Flowing Hair "Stellas" are
by far the most common of the four varieties, with
between 300-400 specimens known. The other three varieties
are exceedingly scarce and number only a dozen or
so survivors.
