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1880 $4 Coiled Hair, Judd-1660, Pollock-1860, JD-1, Low R.7, PR67 NGC. CAC....
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Sold on Aug 26, 2025 for:
$2,280,000.00
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Description
1880 Coiled Hair Stella, Judd-1660, PR67 CAC
Rarest of the Four Stella Varieties
Only Nine Examples Traced
Ideal Registry Set Candidate
1880 $4 Coiled Hair, Judd-1660, Pollock-1860, JD-1, Low R.7,
PR67 NGC. CAC. The 1880 Coiled Hair stella is, in no uncertain
terms, an extraordinary issue and one of the great treasures in
United States numismatics. It is the rarest date in a series
renowned for remarkably low production totals across the board. In
addition to the issue's fascinating history, this particular
representative's outstanding preservation and corresponding high
technical grade undoubtedly make it one of the most desirable and
important stellas available to collectors. A comparably graded
example fetched over $2.5 million at auction in 2013, and we would
not be surprised if the present coin realized a similar price.Design
Obverse: Head of Liberty with braided hair, coiled on top, with a headband inscribed LIBERTY. Legend ★ 6★ G★ .3★ S★ .7★ C★ 7★ G★ R★ A★ M★ S★ around, date 1880 below. Reverse: A large five-pointed star with the incuse inscription ONE STELLA/400 CENTS in the center, E PLURIBUS UNUM. DEO EST GLORIA around, UNITED STATES OF AMERICA/FOUR DOL. at the borders.
Many numismatists believe the Coiled Hair obverse design was engraved by then-Assistant Engraver George T. Morgan, because of its similarity to the portraits on his Goloid and Metric silver dollars. Recent research by Roger Burdette suggests Chief Engraver Charles Barber may have adapted Morgan's design for use on the stella (see the Journal of Numismatic Research, Spring 2015 edition). The reverse design is generally attributed to Barber. The 1880 Coiled Hair design was also struck in copper (Judd-1661), and aluminum (Judd-1662).
Origins of the Stella
Traditionally, it was believed that Iowa Representative John A. Kasson initially conceived the idea for the stella. Legend has it that Kasson, then Envoy Extraordinary and Minister Plenipotentiary to Austria-Hungary and former chairman of the House Committee on Coinage, Weights, and Measures, argued that a four dollar gold piece would facilitate international trade with member-countries of the Latin Monetary Union.
The reality is somewhat different. It is true that on January 3, 1879, Kasson wrote to Secretary of State William M. Evarts, explaining that certain European countries had a distinct advantage over the United States in currency exchange and commercial transactions given the existence of a standard gold piece that circulated at an equivalent rate between them. Kasson sought an equal standard for the United States, hoping to minimize complexities for American importers and exporters and the "embarrassments" associated with fluctuating invoice values. Kasson explained to the secretary:
"If a new gold coin were authorized by Congress to be of the exact value of the gold piece already better known throughout Europe and the East than any other single coin, and this to be issued in substitution for the three-dollar gold pieces, which should be withdrawn, we should have a standard of money in which not only all custom-house accounts might be accurately kept, but which might gradually become the standard of all international commercial transactions, and even for the settlement of values of our home commerce in articles which are largely exported."
In the Spring 2015 issue of the Journal of Numismatic Research, Roger Burdette explains how scholars have misconstrued Kasson's letter and used it as the basis for the creation story of the four dollar stella:
"John A. Kasson's letter of January 3, 1879, to the State Department has long been used as the impetus for the proposed Stella $4 coin. Coinage Committee documents are clear that his concern about a unit of account for payments guided their investigation. However, a careful reading of Kasson's letter reveals no such suggestion for a $4 coin by the ambassador.
"In his letter, Ambassador Kasson acknowledged that the Austrian eight-florin gold piece had been designated as the standard of value for certifying invoices to the Austrian consulate. He thought this was a good idea, since it stabilized prices for suppliers. He also thought ' ... there is the advantage of equality in value between the 8-florin, the 20-franc, and the 20-lira pieces,' as well as the Spanish twenty pesetas, and eight Dutch florins."
Central to Kasson's argument was that all of these coins were of the exact same value. They were interchangeable. He wanted the same for the United States, a coin of "exact value" to its European counterparts. In other words, Kasson wanted a coin worth $3.88, which was what the Austrian eight florin was worth in U.S. dollars. Since $4 does not equal $3.88, a four dollar gold piece would never improve matters.
Nevertheless, Dr. William Wheeler Hubbell, a man of many talents, including, apparently, the ability to persuade, convinced Representative Alexander H. Stephens, then Chairman of the House Committee on Coinage, Weights, and Measures, that a four dollar gold piece was the perfect solution. Besides being the closest round-number approximation to one of those European gold coins, Hubbell argued that the denomination would fit conveniently within his proposed international system of metric gold coinage. Additionally, Hubbell made it seem like he had the support of Stephen's predecessor, Minister Kasson, by reinterpreting the January 3rd letter. Hubbell's system was a contrived, ridiculous scheme designed to use his patented alloy of gold and silver in the production of five different denominations, including a metric double eagle and a goloid dollar. According to Burdette: "Each was intended to solve some perceived monetary problem and each was expected to return handsome profits to Hubbell, while saving the whole world millions of dollars each year."
The stellas of 1879 and 1880 are patterns -- one might call them salesman's samples -- used to appease Hubbell and show to members of Congress for their approval. At least, that was true for the 1879 Flowing Hair variant.
Mintage and Population
A small number of four dollar stellas was struck using Charles Barber's Flowing Hair design and distributed to Congressmen. Perhaps 425 Flowing Hair representatives were manufactured with the 1879 date. The exact mintage is unknown and could be as large as 725 coins according to Jeff Garrett and Ron Guth (2006). The coins were delivered on an as-needed basis: 25 coins in January 1880 (struck either in late 1879 or early 1880), 100 coins in March 1880, 150 coins in May 1880, and another 150 coins in November 1880. Furthermore, there is much confusion as to the existence of any so-called "original" coins made up of Hubbell's goloid composition. As of yet, only two examples with the goloid composition have been scientifically tested.
Even less is known about the other issues in the series. USPatterns.com estimates that 13 1879 Coiled Hair stellas, 20 1880 Flowing Hair Stellas, and just nine 1880 Coiled Hair stellas are extant. It is probable that the production of the rare stella varieties was purely for numismatic purposes, but the actual circumstances of their production remain a mystery.
The 1880 Coiled Hair stella is the rarest of the four variants in the series. It was originally issued in three-coin sets along with a goloid dollar and metric dollar, both of which were designed by Morgan. As mentioned above, only nine examples are thought to exist from an original mintage that likely totaled between 10 and 20 pieces. Examples of the design were also struck in copper (Judd-1661) and aluminum (Judd-1662). Of the nine gold specimens that have been accounted for (see roster below), Akers notes that five examples exhibit frosted surfaces while the remaining four are brilliant. He explains:
"So this pattern, even more than J-1638 and J-1657, has an aura of mystery about it. If only ten pieces were struck, it is virtually certain that they were not struck at the same time because of the two different finishes. However, there does remain the possibility that the original ten were the frosted type and the brilliant specimens are from an additional quantity that was struck later in that year, or vice-versa."
For the time being, the documentation available to numismatic researchers is insufficient to either confirm or deny Akers' theory.
The 1880 Coiled Hair was the last of the four stella varieties to appear at auction. Its first appearance occurred in May 1906 as part of the Chapman Brothers' sale of the Harlan P. Smith Collection. Lot 1456 of that sale reads:
"1880 Stella or four dollars. The same design as the first Stella described in 1879. Head of Liberty with close plaited hair. Gold. Proof. Exceedingly rare; probably but two known in gold. See plate."
The lot realized $37, a strong price at the time. The second auction appearance of an 1880 Coiled Hair stella we have been able to trace was in B. Max Mehl's sale of the Albert Grinnell Collection, 37 years later. Mehl described lot 187 of that catalog as follows:
"1880 $4.00. Liberty head with coiled hair. A magnificent perfect brilliant proof with partly wire edge. Of excessive rarity. While according to mint records the number of specimens minted of this variety was about the same as that of the 1879 coiled hair and the 1880 flowing hair, but for some reason or other, there has been far fewer specimens of this coin offered in the past fifty years than that of any other variety. I do not recall whether or not I have ever offered at auction a complete set of these great coins and I do not recall having more than one, or two specimens at most, previously pass through my hands in my more than forty-two years of numismatic experience. I consider this coin as rare as almost any United States gold coin and it would not surprise me to see it reach the four-figure mark now. I do know that some of the greatest collections in this country do not possess this coin."
The price realized for this lot fell just short of Mehl's hoped-for four figures, at $850. Although we have no definitive evidence that the Grinnell coin is the present specimen, Mehl's description would fit this coin exactly, as far as it goes. This PR67 representative is the finest non-Cameo example at NGC and PCGS has failed to certify any non-Cameo coins finer than PR66 (6/25).
Denomination Abandoned
In the long run, the four dollar denomination had a few inherent flaws that lead to is demise. The stellas were more difficult to count than the larger double eagle coins for large transactions, and the four dollar denomination did not exactly match any of its European counterparts. Ultimately, the plan for an international gold coin was scrapped and the United States has still never struck a regular-issue coin intended for international exchange. As for the stellas, the series' low production totals and the denomination's fascinating history have made all variants widely sought-after for over a century, but none more so than the 1880 Coiled Hair coins.
Physical Description
This magnificent Superb Gem exhibits fully detailed frosty design elements and impeccably preserved orange-gold surfaces with a few highlights of red and green. A partial wire rim shows in some areas. The deeply reflective fields display a few tiny lint marks near the border at star 7. The mysterious parallel striations always seen on coins of this denomination are clearly evident, causing present-day numismatists to theorize that they were struck on half eagle planchets that were filed down to the correct weight. Alternatively, the striations may have been caused in the drawing and rolling process. Eye appeal is terrific and the high quality within the grade is confirmed by CAC. As the finest-certified non-Cameo specimen in the population data this coin will be sought-after by pattern collectors and Registry Set enthusiasts alike. Housed in a Generation 5 fatty holder. The 1880 Coiled Hair stella is listed among the 100 Greatest U.S. Coins. Census: 1 in 67, 0 finer. CAC: 1 in 67, 0 finer (6/25).
Roster of 1880 Coiled Hair Stellas
1. Delp Specimen. PR67 Cameo NGC. Winner Delp Collection (Stack's, 11/1972), lot 792, realized $35,000; Summer FPL (Stack's, 1997) offered as part of a four-piece set for $875,000; FUN Signature (Heritage, 1/2005), lot 30044, realized $977,500; Tacasyl Collection (Bonhams, 9/2013), lot 1011, realized $2,574,000.
2. Eliasberg Specimen. PR67 Cameo NGC. H.P. Smith Collection (S.H. & H. Chapman, 5/1906), lot 1456, part of a three-piece Goloid set, with the coins offered in individual lots; J.M. Clapp; Louis E. Eliasberg, Sr.; Louis E. Eliasberg, Jr.; United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 319, realized $99,000; Holecek Family Trust (Stack's, 10/2000), lot 1625; Paramount Collection; U.S. Coins Signature (Heritage, 2/2021), lot 3754, realized $1,860,000.
3. DuPont Specimen. PR67 NGC. CAC. S. Hallock du Pont Collection (Sotheby's, 9/1982), lot 252, part of a four-piece set of stellas with the coins offered in individual lots, realized $102,300; Chicago Sale (Superior, 8/1991), lot 707, realized $440,000, Central States Signature (Heritage, 4/2015), lot 5301, realized $1,821,250. The present coin.
4. Trompeter Specimen. PR65 Cameo PCGS. CAC. Will Neil Collection (B. Max Mehl, 6/1947), lot 2605, sold as part of a set for $3,850; Grant Pierce; 1976 ANA (Stack's, 8/1976), lot 2920, sold as part of a set for $225,000; Western Collection (Stack's, 12/1981), lot 1139, realized $135,000; Ed Trompeter Collection (Superior, 2/1992), lot 136, realized $264,000; Orlando Sale (Superior, 8/1992), lot 599; 60th Anniversary Sale (Stack's, 10/1995), lot 1548, realized $308,000; Long Beach Signature (Heritage, 6/2015), lot 4230, realized $1,116,250.
5. Simpson Specimen. PR65 Cameo PCGS. Memorable Collection (Numismatic Gallery, 3/1948), lot 282; Public Auction Sale (Stack's, 3/1999), lot 136; Rarities Sale (Bowers and Merena, 1/2000), lot 352; Bob R. Simpson Collection.
6. Kern Specimen. PR62 NGC. Golden Jubilee Sale (B. Max Mehl, 5/1950), lot 245, sold as part of a set for $4,100; Amon Carter, Sr.; Amon Carter, Jr.; Carter Family Collection (Stack's, 1/1984), lot 634, realized $72,250; Richmond Collection (David Lawrence, 7/2004), lot 1306; Santa Clara Sale (Superior, 7/2005), lot 425, realized $618,125; FUN Signature (Heritage, 1/2009), lot 4035, realized $575,000; Los Angeles Signature (Heritage, 7/2009), lot 1246, realized $546,250.
7. Davies Specimen. PR61 NGC. Davies-Niewoehner Collections (Paramount, 2/1975), lot 547, realized $67,500; Bowers and Ruddy Rare Coin Review #26, p. 64; FUN Signature (Heritage, 1/2000), lot 7519; Robert Swan & Rod Sweet Collections (Bowers and Merena, 3/2004), lot 2620.
8. Dallas Bank Specimen. PR61 NGC. Dr. John Wilkison; Tennessee Coin Exchange; Julian Leidman and Mike Brownlee; Paramount International Coin; H. Jeff Browning; Dallas Bank Collection (Sotheby's and Stack's, 10/2000), lot 363; Rarities Auction (Stack's Bowers, 10/2015), lot 110, realized $258,500; The Poulos Family Collection/ANA Signature (Heritage, 8/2019), lot 3862, where it brought $204,000; FUN Signature (Heritage, 1/2022), lot 4692, realized $504,000.
9. Lilly Specimen. PR64. Josiah K. Lilly; National Numismatic Collection at the Smithsonian Institution, grade per Garrett and Guth.
Additional Appearances
A. Proof. Dewitt Smith; sold to Virgil Brand in 1908, Brand Journal number 46965.
B. Proof. Edgar Adams; sold to Virgil Brand in 1911, Brand Journal number 57094.
C. Proof. F.C.C Boyd; sold to Virgil Brand in 1921, Brand Journal number 105730.
D. Proof. Albert A. Grinnell Collection (B. Max Mehl, 6/1943), lot 187; Fred E. Olsen Collection (B. Max Mehl, 11/1944), lot 621, part of a four-piece set of stellas with the coins offered in individual lots.
E. Proof. King Farouk; Palace Collections of Egypt (Sotheby's, 2/1954), lot 323, purchased by Baldwin.
F. Proof. Public Auction Sale (Kreisberg-Schulman, 2/1961), lot 1150, part of a four-piece set of stellas.
G. Proof. Major Lenox Lohr; Abner Kreisberg; James Ruddy; Lohr Fixed Price List (Empire Coin Company, 1961).
H. Proof. Possibly Dr. J. Hewitt Judd; Illustrated History of United States Coins (Abe Kosoff, 1962), lot 566.
I. Proof. Golden Sale of the Century, Part II (Kreisberg-Schulman, 1/1963), lot 1940, part of a four-piece set of stellas, with the coins offered individually.(Registry values: P4)
From The Costa Family Collection, Part I.
Coin Index Numbers: (NGC ID# 28B4, PCGS# 8060, Greysheet# 8786)
Weight: 7.00 grams
Metal: 86% Gold, 4% Silver, 10% Copper
View all of [The Costa Family Collection, Part I ]
Auction Info
2025 August 26 - 31 ANA US Coins Signature® Auction #1385 (go to Auction Home page)
Auction Dates
August, 2025
26th-31st
Tuesday-Sunday
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