1880 $4 Coiled Hair (Proof)

David Akers (1975/88):

Although the reported mintage for this pattern is identical to that of the 1879 coiled hair stella, it appeared three less times at auction than the the 1879 coiled hair in the 238 catalogues we surveyed, and, if one examines all auctions back to the first appearance of both patterns (1882 for the 1879 coiled hair and 1906 for the 1880 coiled hair), the difference in rarity is even more obvious since the 1880 has been offered at auction only about two thirds as often as the 1879 coiled hair. This is undoubtedly due to the fact that the 1879 was restruck in small quantities, whereas the 1880 certainly was not resrtuck in the strict sense of the word (see my comments on the 1880 flowing hair), although it is possible that a small additional quantity was minted later in 1880. I really doubt that this is the case, however, and feel that the generally accepted mintage figure of ten pieces is probably correct.

However, it should be pointed out that 1880 coiled hair stellas have two distinctly different "finishes". The piece in the Smithsonian Institution and the one offered in the 1976 ANA Sale are both frosted proofs, that is, the devices are frosted while the fileds are mirrolike. However, the specimen that appeared in Paramount's Davies/Niewoehner Sale and the peice that was formerly in the Wilkison Collection are both fully brilliant proofs, so mirrorlike, in fact, that they give the appearance of having been polished, when in reality they were undoubtedly struck that way. So this pattern, even more than J-1638 and J-1657, has an aura of mystery about it. If only ten pieces were struck, it is virtually certain that they were not struck at the same time because of the two different finishes. However, there does remain the possibility that the original ten were the frosted type and the brilliant specimens are from an additional quantity that was struck later in that year, or vice-versa. Whatever the case, this stella remains the rarest of the four, and although at the time of writin my book on U.S. gold patterns I could account for only seven pieces, I can now acount for nine, split five and four between frosted proofs and brilliant ones respectively.

David Hall:

The 1880 Coiled Hair is the rarest of the $4 Stellas. The original mintage was probably 10 coins and in my opinion only 5 or 6 survive today.

P. Scott Rubin: The 1880 Coiled Hair Four Dollar Gold coin sold for $2,574,000, in the September 23, 2013 Bonhams Sale of the Tacasyl specimen. Now graded at Proof-67 Cameo this same coin sold for $977,500, when it was graded at Proof-66 when offered in the 2005 Heritage Fun sale.

This is the rarest of the four coins making up the Four Dollar Gold or Stella coinage series. This short lived denomination was only struck with dates of 1879 and 1880, each year contains both a Flowing Hair and Coiled Hair variety.

An 1880 Coiled Hair Stella made its first auction appearance of the variety in the 1906 Chapman Sale of the H.P. Smith Collection this was the last of the four varieties to appear at auction, this same sale also contained the other three varieties hence this was the first sale to offer all four gold Stellas.

Since this first auction (until September, 2013) I have found there have been only thirty-five total auction appearances of this coin in over one hundred years. This compares with sixty-two sales of the 1879 Coiled Hair and ninety-three sales of the 1880 Flowing Hair variety. Compare this one hundred and ninety-five auction appearances of all three variety to the at least nine hundred and nineteen auction appearances of the 1879 Flowing Hair variety.

Charles Morgan:

The Four-Dollar Stella: A Short-Lived Experiment

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 inernational 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 site the number of coins that appear to have been removed from jewelry.

Design and Production

The Stella featured two distinct obverse designs, both dated 1879 and 1880:

• The "Flowing Hair" – Designed by Charles Barber, heir-apparent to the Chief Engraver position.
• The "Coiled Hair" – Designed by George T. Morgan, creator of the Morgan Dollar.

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.

Rarity and Market Significance

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.

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