During the late 19th century, the United States ventured into creating a coin aimed at simplifying international trade. The result was the $4 Stella gold coin, an ambitious project designed to bridge U.S. currency with the European-based Latin Monetary Union (LMU). By aligning with the LMU, which included countries such as France, Italy, and Switzerland, the U.S. hoped to enable seamless transactions between nations.
This initiative was championed by John A. Kasson, who served as the U.S. Minister to Austria-Hungary. Kasson envisioned a metric-compatible coin that could simplify cross-border commerce, particularly for American merchants and travelers conducting business in Europe.
Distinctive Design and Technical Features
Two distinct designs of the Stella were introduced between 1879 and 1880. Each design offered a unique artistic representation of Liberty:
- The Flowing Hair Design, created by Charles E. Barber, featured a graceful depiction of Liberty with flowing hair.
- The Coiled Hair Design, by George T. Morgan, displayed a striking rendition of Liberty with intricately coiled hair.
Despite their stylistic differences, the coins shared several key specifications:
| Feature | 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★” (metric composition) |
| Reverse Design | A five-pointed star with “ONE STELLA” |
| Edge | Reeded |
The coin’s Latin-inspired name, “Stella,” refers to the star prominently displayed on its reverse side.
Production and Scarcity
The $4 Stella was minted in limited numbers, making it one of the rarest American coins. The estimated production is as follows:
| Year | Design | Estimated Mintage | Surviving Coins |
|---|---|---|---|
| 1879 | Flowing Hair | ~425 | Under 500 |
| 1879 | Coiled Hair | ~20 | 12–15 |
| 1880 | Flowing Hair | ~15 | 20–25 |
| 1880 | Coiled Hair | ~10 | 10–12 |
The rarity of these coins has elevated their status among collectors, with many viewing them as highly valuable and historically significant treasures.
Challenges That Ended the Stella’s Journey
The Stella’s ambitious goal of fostering international monetary compatibility faced numerous hurdles:
- Its composition and weight didn’t perfectly align with LMU standards, undermining its practicality for global trade.
- After reviewing the coin’s potential, Congress chose not to proceed with mass production. Consequently, the U.S. never joined the LMU.
Adding to the intrigue, some Stellas were distributed among Congress members for evaluation, only to later surface as jewelry worn by influential women in Washington’s social elite—a detail that fueled minor scandals at the time.
Value in the Collector’s Market
Due to their limited mintages and historical significance, Stella coins command extraordinary prices in today’s numismatic market. Here is a breakdown of their approximate values:
| Design | Value Range (Proof Grade) |
|---|---|
| 1879 Flowing Hair | $135,000 to $375,000 |
| 1880 Flowing Hair | $180,000 to $600,000 |
| 1879 Coiled Hair | $325,000 to $1.35 million |
| 1880 Coiled Hair | $1 million to $2.75 million |
In 2013, an 1880 Coiled Hair Stella graded Proof 67 achieved a remarkable sale price of $2.57 million, setting a benchmark for its rarity and desirability.
A Legacy of Innovation and Rarity
The $4 Stella gold coin stands as a testament to American ingenuity and ambition during a transformative period in global commerce. While the experiment was brief, it left a lasting impression on numismatic history.
This coin’s intricate designs, limited production, and historical context make it an enduring symbol of the U.S.’s aspiration to integrate into the international monetary system. For collectors and historians alike, the Stella remains a coveted relic that combines artistry, rarity, and historical intrigue.