Series: Stella $4 1879-1880
| Survival Estimate | |
|---|---|
| All Grades | 14 |
| 60 or Better | 13 |
| 65 or Better | 7 |
| Numismatic Rarity | |
|---|---|
| All Grades | R-9.4 |
| 60 or Better | R-9.4 |
| 65 or Better | R-9.6 |
| Relative Rarity By Type All Specs in this Type | |
|---|---|
| All Grades | 2 / 2 |
| 60 or Better | 2 / 2 |
| 65 or Better | 2 / 2 |
| Relative Rarity By Series All Specs in this Series | |
|---|---|
| All Grades | 2 / 4 |
| 60 or Better | 2 / 4 |
| 65 or Better | 2 / 4 |
|
#1 PCGS PR65
Jerome David Kern; As part of a set. “The Golden Jubilee Sale (Kern),” B. Max Mehl, May 1950, Lot 243; "The Amon G. Carter, Jr. Family Collection," Stack's, January 1984, Lot 632 - $88,000; Blanchard and Co.; collector from China; "The New Orleans Collection," Heritage Auctions, April 2015, Lot 5299 - $881,250; "The Costa Family Collectiom, Part I," Heritage Auctions, August 26, 2025, Lot 3381 - $1,440.000. Faint draw bench lines (typical). Lintmark near M of UNUM. |
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#2 PCGS PR62
As Four-Coin Set. Stack's, Summer 1997 Fixed Price List - $87,500; Stack's, January 1998, Lot 1498 - Passed; unknown intermediaries. As NGC PF63 #1716041-002. "The Richmond Collection, Part I," David Lawrence Rare Coins, Lot 1304 - $299,000; Heritage Auctions, August 14, 2006, Lot 5468 - $402,500. As PCGS PR62 #02245707. "The Bruce S. Sherman Collection, Part II," Heritage Auctions, April 30, 2025, Lot 3091 - $576,000. Oblong toning spot between Star 2 and the obverse rim. |
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#2 Est. PR62
"The Armand Champa Collection," Bowers and Ruddy, May 1972, Lot 521 - $29,000; "The S. Hallock du Pont Collection," Sotheby's, Sotheby's 1982, Lot 250 - $61,600; "The Coles Collection," Stack's, October 1983, Lot 57 - $74,800; Bowers and Merena, August 1995, Lot 307 - $137,500; Heritage Auctions, September 1998, Lot 7105. As NGC PF63 #176689-001. "The Gold Rush Collection," Heritage Auctions, January 12, 2005, Lot 30040 - $287,500; "The Freedom Collection," Heritage Auctions, January 4, 2007, Lot 3488 - $316,250. As NGC PF63. Goldberg Auctioneers, May 2007, Lot 1551 - $414,000; Goldberg Auctioneers, February 2009, Lot 1433 - $304,750. As NGC PF63 #1560234-001. "The Poulos Family Collection," Heritage Auctions, August 14, 2019, Lot 3861 - $336,000. Draw bench marks at an angle 5 degrees up from the horizontal. There is a copper spot to the right of and below Liberty's hair, and a curly lint mark in the right obverse field near the bun. |
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#2 Est. PR62
Stack's, March 9, 1999, Lot 134 - $138,000; Bowers & Merena, January 2000, Lot 350 - $126,500. As NGC PF63 #139371-077. "The Richard Genaitis Collection, Part 1," Heritage Auctions, August 10, 2001, Lot 7750 - $132,250. Draw bench marks run at a slight diagonal. Reflective spot below center mass on Liberty's neck. Some disturbance in the obverse field between 9 and the bust trunction. Lintmark between Liberty's hair and star between A and M. |
The Four-Dollar Stella was a brief series of experimental patterns struck at the Philadelphia Mint in 1879 and 1880. Named for the prominent star on the reverse, the Stella was conceived as a vehicle for international commerce. Its composition was based on Dr. William Wheeler Hubbell’s patented "goloid" alloy—an idiosyncratic mix of 85.71% gold, 4.29% silver, and 10.00% copper—though the numismatic community almost universally categorizes it as a gold coin.
The Stella’s primary advocate was John A. Kasson, a former Congressman then serving as the U.S. Minister to the Austro-Hungarian Empire. Kasson proposed that the United States produce trade coinage adhering to the Latin Monetary Union (LMU) standard. A precursor to the modern Eurozone, the LMU required member states to adopt and adhere to unified specifications to facilitate cross-border trade.
While designed to interface with this metric-based system, the Stella did not perfectly align with international requirements; its stated weight and fineness resulted in a metal value of approximately $3.85, falling short of the intended parity.
Kasson’s proposal was championed by Alexander H. Stephens, former Confederate Vice President and then-Chairman of the Committee on Coinage, Weights, and Measures. Stephens successfully petitioned Treasury Secretary John Sherman to produce pattern coins for Congressional review. Following their distribution to lawmakers, a tawdry bit of numismatic lore suggests that more than a few of these specimens eventually changed hands in the upscale bordellos of Washington, D.C. Supporters of this theory cite the number of coins that appear to have been removed from jewelry.
The Stella featured two distinct obverse designs, both dated 1879 and 1880:
Both designs featured a left-facing Liberty wearing a diadem, surrounded by the inscription * 6 * G * .3 * S * .7 * C * R * A * M * S *, denoting the coin's metallic proportions. The reverse, shared by both types, featured a five-pointed star inscribed with ONE STELLA / 400 CENTS, surrounded by the mottos E PLURIBUS UNUM and DEO EST GLORIA.
The first 40 sets were struck on a medal press in January 1880. Due to high demand among lawmakers, Congress ordered 100 additional sets in March. Ultimately, hundreds more 1879 Flowing Hair examples were struck to satisfy Congressional interest.
Though technically a pattern, the Stella’s $4 denomination and distinctive beauty have made it a cornerstone of American numismatics and it typically collected as a regular issue.
It is currently ranked 28th in the PCGS list of 100 Greatest U.S. Coins. While the 1879 Flowing Hair (#8059) is the most accessible, the 1879 Coiled Hair (#8060) and 1880-dated issues remain world-class rarities.
Judd-1638, Pollock-1838. Rarity-6. Only 14–15 known.
Morgan's coiled hair design features a woman whose locks are tied up into a chignon. This was a popular Victorian-era hairstyle that became increasingly elaborate depending on one's social class. The chignon worn by Morgan's Liberty is indicative of the complexity favored by upper-class women. PCGS estimates that only 20 examples were struck—all Proofs—and today, only 13–15 are known to exist.
The PCGS Population Report comprises examples certified throughout the company’s 40-year history. The population table is likely bloated on the base specimen number, as this figure almost certainly includes coins that were later cracked out and regraded once PCGS adopted Cameo and Deep Cameo designations for Proof issues.
In United States Proof Coins Volume IV: Gold (2018), John W. Dannreuther lists 13 specimens in his "Significant Examples" table. Through photo-matching, I identified four discrete examples without Cameo attributions—the finest grading PCGS PR65—and nine examples with Cameo contrast. The latter group includes the Lilly specimen at the Smithsonian, a pair of PCGS PR66+CAM coins, and the Tacasyl Collection example, which Heritage is scheduled to sell in March 2026. I believe I have identified 13 distinct examples using a variety of methods, including matching the orientation of drawbench marks, lintmarks, reflective areas, and copper spots. As these examples continue to cycle through the market, it may be possible to further refine the condition census. Regardless, the 1879 Coiled Hair Stella remains a rare pattern coin that only a few will ever have the good fortune to own.
The first auction appearance of an 1879 Coiled Hair Stella took place at George Cogan's sale of the J Colvin Randall Collection on March 29, 1882. The coin was listed as part of a Goloid Set (Lot 631), which Cogan described thusly:
631 1879 Goloid Set. Goloid Dollar. Hair done up in a knob. Band of ribbon with Liberty on it. Rev. "895-8-S. 42 - G. 100 C 25 Grams" in centre of wreath. "One Dollar" below. "Deo Est Gloria" above. Brilliant Proof.
Metric Dollar. Hair braided and done up in a coil. Ribbon "with Liberty on it." Rev. 15.3 - G. 236-7-S. 28-C.14 Grams with circle of 38 stars. "100 Cents" below. Brilliant Proof.
Gold Stella (No 4. Piece). Hair braided and done up in a coil, head of Liberty surrounded by *6*G*.3*S*.7*C*7*G*R*A*M*S Rev. A star inscribed "One Stella, 400 Cents." Brilliant proof. This set has never been offered before at either public or private sale. Excessively rare.
Note.— This set must not be taken for the ordinary "Goloid Set," as the obverse is nothing like it. In this set hair of Liberty is arranged in coils, while in the other, it falls down the nect in curls, and the face is totally different."
One can infer, based on the sophisticated tone of this lot description, that Cogan—and perhaps the bidders at this auction—were well-acquainted with Goloid Sets, as he refers to the Flowing Hair type as 'ordinary.' For the Coiled Hair type presented here to be labeled 'excessively rare' by the cataloger indicates that this offering was highly unusual.
Randall was a prominent Philadelphia numismatist who operated a coin and curio shop. According to researcher John N. Lupia III, more than 10,000 rare coins passed through Randall's hands during his career; he likely acquired some of his more unusual material through a direct connection with the Mint. Beyond the Coiled Hair Stella, Randall owned several significant rarities, including the famous Cardinal 1794 Dollar (#86851), which was purchased by Laura Sperber of Legend Numismatics for a then-record $10 million in 2013.
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The Coiled Hair design $4 Stellas are much rarer than the Flowing Hair design as a mere handful of the 1879 and 1880 Coiled Hair Stellas were struck while 425 1879 Flowing Hair Stellas were struck. For the 1879 Coiled Hair, it is not 100% certain how many were made, but general consensus is that the original mintage was around 20 and there are 14 or 15 survivors today.