Gold Stella $4 Coin Goes to Auction
Gold Stella $4 Coin Goes to Auction
Discover the ultra-rare American gold pattern coin that never entered circulation but commands extraordinary prices at auction
Introduction
There's an old saying, "fake like a two-cent coin" or "a three-cent coin." While these obscure denominations haven't seen circulation for a very long time, there ironically were two-cent and three-cent denominations of U.S. coins during the 19th century. What's more, there were even gold coins with odd denominations: the short-lived $3 gold coin, the $2.50 quarter eagle and $5 half eagle, and the mysterious gold $4 "Stella."
The Gold Stella is one of the least-known American gold coins, but is revered by American numismatists among both numismatic historians and hobbyists. These ultra-rare pattern coins represent a fascinating chapter in American monetary history and continue to command extraordinary prices when they appear at auction.
Table of Contents
About the Gold Stella
The Stella coin may seem like an odd-ball, but it was intended to compete with other similar-sized gold coins in international trade. When it came to global trade, the U.S. Mint had a bit of a Goldilocks problem: quarter eagles ($2.50) were too small and half-eagles ($5) were too big compared to the preferred gold "trade" coins like the British Sovereign, French Napoleon, Italian 20 lire, and Spanish 20 pesetas. Hence, the $4 Gold Stella went into trial production.
International Trade Purpose
Designed to compete with European gold trade coins of similar size and weight, filling a gap in American gold denominations for global commerce.
Pattern Coin Status
Never made it past trial phase, making all existing Stellas extremely rare pattern pieces rather than circulating currency.
Congressional Distribution
Primarily given to members of Congress as examples, contributing to their extreme rarity and historical significance.
The Gold Stella never made it past this trial phase, which makes the extant Stellas pattern pieces (also known as pattern coins or simply "patterns") that were minted in extremely low quantities. In addition to its rarity, collectors also enjoy its eye-appealing proof design and novelty. Today, serious gold coin collectors consider Stellas among the most desirable American numismatic treasures.
Design and Specifications
The pattern design was only produced during 1879 and 1880. The coin shows Lady Liberty facing left on the obverse and a five-pointed star (where the name "stella" comes from) on the reverse. Inscriptions on the reverse include "E PLURIBUS UNUM" and "DEO GLORIA," Latin for "Out of Many, One" and "Glory to God," respectively.
| Specification | Details |
|---|---|
| Years Produced | 1879 and 1880 only |
| Metal Composition | 86% gold, 10% copper, 4% silver |
| Weight Inscription | "G 6 S .3 C .7 GRAMS" around outer rim |
| Design Varieties | Flowing Hair and Coiled Hair designs |
| Obverse Design | Lady Liberty facing left |
| Reverse Design | Five-pointed star with Latin inscriptions |
Unique Features
The coin was struck from an alloy of 86% gold, 10% copper, and 4% silver. Inscriptions around the outer rim of the coin display the weight of each respective metal in grams, each character separated by stars: "G 6 S .3 C .7 GRAMS." This innovative approach to displaying metallic content was ahead of its time and adds to the coin's historical significance.
The Stella came in two different varieties: a Flowing Hair design and Coiled Hair design. Both designs showcase the exceptional artistry of 19th-century American coin engraving, making them highly sought after by collectors who appreciate both their historical importance and aesthetic appeal.
Rarity and Mintage Numbers
The precise mintage of the coin is unknown since they were mainly only given to members of Congress, but the numbers that survive today tell a story of extraordinary rarity that drives exceptional auction prices.
1879 Flowing Hair Stella
- About 425 believed to exist
- Only 15 likely struck in 1879
- Most actually minted in 1880
- Most common of the varieties
Coiled Hair Stellas
- Only 30 known to exist
- Covers both 1879 and 1880
- Ultra-rare even among Stellas
- Command premium prices
This exceptional rarity makes every Stella appearance at auction a significant event in the numismatic world. For perspective, these mintage numbers are extraordinarily low for any U.S. coin, making Stellas rarer than many of the most expensive collectible gold coins available to investors today.
Investment Perspective
The extreme rarity of Gold Stellas puts them in a different category from traditional gold investments. While most gold purchases focus on bullion value tied to current gold spot prices, Stellas derive their value almost entirely from their numismatic significance and historical importance.
Coming to Auction
One of these ultra-rare gold coins came to auction through Bonham's, showcasing both the extraordinary values these pieces can achieve and the condition challenges that can affect even the rarest coins. The specific example highlighted demonstrates how even compromised condition cannot diminish the fundamental appeal of these historic pieces.
Condition Considerations
This particular 1879 Flowing Hair example showed excessive wear that compromised its typical proof finish, leading experts to believe it was likely incorporated into jewelry at some point in its history.
Auction Estimate
Despite its compromised condition, this example was expected to realize as much as $60,000 at auction, demonstrating the premium for rarity.
Market Context
The estimate reflects the strong demand for any Stella, regardless of condition, given their extreme scarcity in the numismatic marketplace.
The surface didn't exhibit the typical proof finish due to excessive wear, which is uncommon for this series. This unusual condition suggests the coin had an eventful history, possibly spending time as jewelry rather than being preserved as a collectible. Even so, the fundamental rarity and historical significance of any Stella ensures strong auction interest.
Historical Auction Values
The auction history of Gold Stellas demonstrates the extraordinary premium that rarity and condition can command in the numismatic market. These results provide insight into how different factors affect valuation in the high-end coin market.
| Year/Type | Condition | Sale Price | Market Context |
|---|---|---|---|
| 1880 Coiled Hair | Mint Condition | $2.6 Million | Record-setting sale demonstrating peak values |
| 1879 Flowing Hair | High Grade | $1+ Million | Same auction as the $2.6M example |
| 1879 Flowing Hair | Worn (ex-jewelry) | $60,000 estimate | Shows floor value even for damaged examples |
Value Drivers
The dramatic price differences highlight how condition, variety, and market timing affect values in the ultra-rare coin market. Even the most worn Stella commands prices far exceeding many other American gold coins due to its fundamental rarity. For collectors interested in more accessible gold investments, exploring traditional gold coins tied to precious metals values might provide better entry points.
These auction results demonstrate that Gold Stellas occupy a unique position in American numismatics, where historical significance and extreme rarity create values far beyond the underlying gold content. While most gold investments rely on movements in spot gold prices, Stellas represent pure numismatic premiums driven by collector demand and museum-quality scarcity.
Conclusion
The Gold Stella represents one of the most fascinating chapters in American monetary history—a coin that never quite made it to circulation but has achieved legendary status among collectors. From its practical origins as a solution to international trade challenges to its current status as one of America's most valuable coins, the Stella demonstrates how historical circumstances can create extraordinary numismatic treasures.
Whether selling for millions in pristine condition or tens of thousands when heavily worn, every Gold Stella that appears at auction reminds us of the enduring appeal of rarity and historical significance in the precious metals market. For collectors and investors interested in the broader gold market, these exceptional examples highlight the spectrum of opportunities available, from museum-quality rarities to more accessible gold investment options that track closer to current precious metals valuations.
Investment Takeaway
While Gold Stellas represent the pinnacle of American numismatic collecting, their extreme rarity and pricing put them beyond most investment portfolios. However, they serve as excellent examples of how historical significance and scarcity can create extraordinary value in the precious metals world, principles that apply across the entire spectrum of gold investing.