Valued at roughly $200,000, the Gold Stella was intended to be used as a universal coin that was to be exchangeable with any currency throughout the world. It's weight andprecious metals composition were designed to match the Latin Monetary Union, which set a bimetallic gold and silver standard at a fixed ratio of 15-1/2 to 1 and used theNapoleonic franc of 1803 as its basis.

The Latin Monetary Union (LMU) was initially established between Belgium, France, Italy, and Switzerland, but was soon joined by many other continental European nations.Through the Union, one franc would be the same as one lira, peseta, leva, or drachma and easily exchangeable within the member nations. The Union proved to be successful andlasted until its dissolution in 1927. In many ways, the LMU was a precursor to the modern European Union founded in 1957.

At the time of the establishment of the LMU, the United States was still reeling from the devastating effects of the Civil War, as well as the Panic of 1873. Fortunately, theeconomy proved resilient and by the later 1870s international trade increased at a steady rate. More and more Americans traveled abroad for both business and pleasure and foundthat the easy convertibility of the various currencies within the LMU made commerce more fluid.

In 1877, Congressman John Kasson of Iowa was appointed by Rutherford Hayes as Envoy Extraordinary and Minister Plenipotentiary to the Austro-Hungarian Empire, where he wasexposed to the difficulties in converting American dollars into Austrian florins and back again. When he returned, Kasson used his experiences - as well as influence as past chairof the House Committee on Coinage, Weights, and Measures - and submitted a proposal for a four-dollar coin that would be closer in weight to the Austro-Hungarian 8 florin piece,which was equivalent to the French 20 franc coin. Thus, the $4 Gold Stella was born.

Two designs were prepared, the Flowing Hair design by Charles E. Barber, as here, and the Coiled Hair design by George T. Morgan, both of which became known as Stellas. Recentpast Stack's Bowers Galleries sales of the Flowing Hair and Coiled Hair Stellas garnered $400,000 and $646,000, respectively. Barber's Flowing Hair design was the firstselected for production and an estimated 25 - though this may be a few as 10 to 15 - three-piece pattern Proof sets were prepared. These sets were distributed to Congressionalleaders who took a liking to the unusual coins. Other government officials who encountered the coin pressed the Mint for more examples. To satisfy the demand, the Mint struck moreexamples in 1880 but all bearing the 1879 date. The precise number struck remains unclear, ranging from the traditionally quoted figure of 425 pieces to some estimates as high as800 coins. Despite the interest in the coin, the denomination never received enough Congressional support to proceed with regular full-scale production. The denomination had noexact European counterpart due to the ratio of metals used not precisely matching LMU standards, was an unusual denomination, and seemed to have no real specific commercialuse.

In fact, many of the Stellas ended up being used as jewelry pieces and were the center of a scandal when, according to renowned researcher John Dannreuther, a number of themwere found being worn by madams in Washington D.C. bordellos.

"The Stella represents an attempt to integrate the world's money as one," said Brian Kendrella, President of Stack's Bowers Galleries. "We still haven't been able to do thiseven today but this coin represents the closest we likely ever came."

Despite the intention to produce the pattern Stellas in goloid as expressed by the obverse legend *6*G*.3*S*.7*C*7*G*R*A*M*S*, the coins were almost certainly produced in thestandard alloy of 90% gold and 10% copper, though so far as known no Stella has been subjected to analysis to prove this assertion. On the reverse is the prominent largefive-pointed star from which the coin earned its moniker and the denomination expressed three ways: ONE STELLA, 400 CENTS, and FOUR DOL. While most consideration was focused onthe $4 gold piece, $20 "Quintuple Stella" patterns were also prepared along with metric silver and goloid dollars.

Stellas were all struck as Proofs, but because many of the remaining coins ended up as pocket pieces or set into jewelry, they often appear as if they have seen very heavycirculation. Many are damaged with filed rims, scratches, and wear commensurate with long service in necklaces. The present coin is a noteworthy exception.

JD writes:

To read the complete lot description, see:
1879Four-Dollar Gold Stella. Flowing Hair. Judd-1635, Pollock-1833. Rarity-3. Gold. Reeded Edge.(https://auctions.stacksbowers.com/lots/view/3-KERPJ/1879-four-dollar-gold-stella-flowing-hair-judd-1635-pollock-1833-rarity-3-gold-reeded-edge-proof-65-cameo-pcgs-cac)