In the late 19th century, as global trade expanded, the United States sought to create a coin that would facilitate international commerce. This ambition led to the creation of the $4 Stella gold coin, a unique and short-lived experiment in American numismatics.
Contents
Origins and Purpose of the $4 Stella
The $4 Stella was conceived to align U.S. currency with the Latin Monetary Union (LMU), which included countries like France, Italy, and Switzerland.
The goal was to produce a coin that could be easily exchanged with European gold coins, such as the French 20-franc piece, thereby simplifying transactions for American travelers and traders.
The initiative was championed by John A. Kasson, the U.S. Minister to Austria-Hungary, who believed that a coin matching the metric standards of European currencies would enhance international trade.
Design and Specifications
The Stella coins were minted in 1879 and 1880, featuring two distinct obverse designs:
- Flowing Hair Design: Crafted by Chief Engraver Charles E. Barber, this design depicted Liberty with flowing hair and was produced in both years.
- Coiled Hair Design: Designed by George T. Morgan, known for the Morgan silver dollar, this version showcased Liberty with coiled hair and was also minted in both years.
Both designs shared the following specifications:
| Specification | Details |
|---|---|
| Weight | 7 grams |
| Diameter | 22 millimeters |
| Composition | 85.7% gold, 4.3% silver, 10% copper |
| Obverse Inscription | “★6★G★.3★S★.7★C★7★G★R★A★M★S★” indicating the metal content in metric units |
| Reverse Design | A five-pointed star with inscriptions “ONE STELLA” and “400 CENTS” |
| Edge | Reeded |
The term “Stella,” Latin for star, refers to the prominent star on the coin’s reverse.
Mintage and Rarity
The production of the Stella was limited, with estimates as follows:
| Year | Design | Estimated Mintage | Estimated Surviving Examples |
|---|---|---|---|
| 1879 | Flowing Hair | Approximately 425 | Fewer than 500 |
| 1879 | Coiled Hair | Around 20 | 12 to 15 |
| 1880 | Flowing Hair | Approximately 15 | 20 to 25 |
| 1880 | Coiled Hair | Around 10 | 10 to 12 |
These low mintages contribute to the Stella’s status as one of the most coveted American coins among collectors.
Historical Context and Demise
Despite its innovative concept, the Stella faced challenges:
- Metric Mismatch: The coin’s weight and gold content did not precisely match the LMU standards, undermining its intended purpose.
- Congressional Rejection: After reviewing the patterns, Congress decided against mass production, and the U.S. did not join the LMU.
Additionally, a scandal emerged when some Stellas, initially distributed to Congress members, were found adorning the necks of madams in Washington D.C.’s high-end brothels, allegedly given as gifts by the Congressmen.
Collectibility and Value
Today, the $4 Stella is highly prized in numismatic circles. Its value varies based on design, year, and condition:
- 1879 Flowing Hair: Values range from $135,000 in Proof 60 to $375,000 in Proof 67.
- 1880 Flowing Hair: Ranges from $180,000 in Proof 60 to $600,000 in Proof 67.
- 1879 Coiled Hair: Starts around $325,000 in Proof 62, reaching up to $1.35 million in Proof 67.
- 1880 Coiled Hair: The rarest, with values from $1 million in Proof 64 to $2.75 million in Proof 67.
In 2013, an 1880 Coiled Hair Stella graded Proof 67 sold for a record $2.57 million.
Conclusion
The $4 Stella gold coin represents a fascinating chapter in U.S. numismatic history, reflecting America’s ambition to integrate into the international monetary system. Although the experiment was short-lived, the Stella’s rarity, design, and intriguing backstory continue to captivate collectors and historians alike.
FAQs
Why was the $4 Stella coin created?
The Stella was designed to facilitate international trade by aligning U.S. currency with the Latin Monetary Union’s standards, making it easier for Americans to conduct transactions in Europe.
What does the inscription on the obverse signify?
The inscription “★6★G★.3★S★.7★C★7★G★R★A★M★S★” indicates the coin’s composition: 6 grams of gold, 0.3 grams of silver, 0.7 grams of copper, totaling 7 grams.
Why are Stellas so rare?
The coins were produced in limited quantities as patterns for evaluation and were never mass-produced for circulation, resulting in their rarity today.
