1879 $4 Flowing Hair, Judd-1635, Pollock-1833, R.3, PR64 Cameo PCGS....

Click the image to load the highest resolution version.

Sold on Oct 24, 2008 for:

Not Sold

Get one of these:

Share this lot

Track Item Printable Auction Results

Sell One of These

Description

Auction Info

Guides & Info

Description

Memorable 1879 Flowing Hair Stella, PR64 Cameo
Judd-1635, Pollock-1833

1879 $4 Flowing Hair, Judd-1635, Pollock-1833, R.3, PR64 Cameo PCGS. The late 1870s was an interesting time in the history of America's coinage, especially with regard to experimental issues. Dr. Wheeler H. Hubbell, a citizen and inventor, pitched his patented precious metal alloy to congress. Dubbed "goloid metric alloy," Hubbell's concoction was a mixture of 5.46% gold and 84.54% silver--equal in value, but in different quantities--alloyed with 10% copper. He subsequently proposed another similar alloy by the same name. This mixture of gold and silver is referred to as a sym-metallic alloy and was first suggested by Senator Hunt in 1851.
The intended purpose of the goloid metric alloy was to allow for a weight reduction of the U.S. silver dollar from 412.5 grains to 385.8 grains, while maintaining the same intrinsic value (Pollock, 1994). That was one of two motives for the new metal mixture. Don Taxay opined in 1976 that "sym-metallism was believed by its adherents to be the only way to settle the age-long rivalry between the two metals, one or the other of which was constantly disappearing from circulation." Both were valid justifications for the proposed use of the alloy in our nation's circulating coinage, yet in the end Congress rejected the idea due to the fact that the goloid pieces had an identical appearance to the standard silver coinage of the time, and the opportunity for deception was too great.
Concurrently, another new coinage idea was being considered by Congress. John A. Kasson, the U.S. envoy and minister to Austria, proposed a plan to ease the burden of conducting business between America and five prominent European nations: Austria, France, Italy, Spain, and The Netherlands. His idea was to become known as the stella, or four dollar gold piece. The proposed coin was to be congruent to the popular issues of the aforementioned countries, but fluctuating exchange rates rendered the plan infeasible. Nonetheless, patterns designed by Charles Barber were struck at the Philadelphia Mint in late 1879 and early 1880 for distribution to members of Congress and others with ties to the Federal Government. Researchers maintain different opinions regarding the total number of Flowing Hair four dollar patterns struck in gold (Judd-1635), but it would appear that the mintage of this variant was between 600 and 700 examples. The ninth edition of United States Pattern Coins by J. Hewitt Judd (2005) indicates a certified population of 482 coins. Since that time NGC and PCGS have certified a combined total of 518 specimens (9/08), some of which are undoubtedly crossover submissions or resubmissions of the same coin. Considering the number of known examples that are grossly impaired and therefore not included in the population data, the high figure of 700 pieces seems more reasonable than the traditionally accepted total of 425 patterns released by the Mint.
Many of the Flowing Hair stellas were distributed in sets with two other pattern coins--an 1879 goloid dollar (Judd-1617) and an 1879 goloid metric dollar (Judd-1626)--both struck on planchets composed of Hubbell's proposed alloys. The USPatterns.com website elucidates the three-coin sets:

"Charles Barber created 2 dollar and 1 Stella designs as part of this testing. 15 sets were made for the Congressional Committee on Coinage presumably using the goloid alloys. These were apparently popular with congressman and another 400 sets were ordered which are believed to be of 'standard' silver and gold. These sets were available to the congressmen at $6.10. Unsold sets were later offered to the collecting world for $15."

Contemporary accounts place the value of the sets higher than the $15 suggested by USPatterns.com. Our research brings to light a small entry in the July 1880 edition of Mason's Numismatic Visitor: "Stella and Goloid Patterns. These nondescript coins, or pattern pieces are now held at forty dollars, for the set of three." We find no record of how the three-pattern sets were packaged, assuming that they were in the first place. Perhaps the sets were systematically broken apart by the non-numismatist recipients over the ensuing years, with many being cleaned "to make them nice and shiny" along the way.
Fortunately, the current offering has remained in proper custodianship over the past 128 years and is essentially as minted. This orange-gold stella also appears to be a relatively early strike based on the existence of mirrored fields which contrast nicely with the frosty devices on both sides. Planchet striations--common to nearly every extant Judd-1635--are observed on Liberty's portrait and a small abrasion is noted above the star adjacent to the tip of her headband, thus serving as a pedigree marker for the sake of posterity. A memorable Flowing Hair stella, without deliberation, and one of the highlights of this sale.(Registry values: P1)

Coin Index Numbers: (NGC ID# 28AZ, PCGS# 88057, Greysheet# 8782)

Weight: 7.00 grams

Metal: 86% Gold, 4% Silver, 10% Copper

View Certification Details from PCGS