1880 $4 Flowing Hair, Judd-1657, Pollock-1857, High R.6, PR66 Cameo NGC....

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Condition Census 1880 Flowing Hair Stella
PR66 Cameo

1880 $4 Flowing Hair, Judd-1657, Pollock-1857, High R.6, PR66 Cameo NGC. Year in and year out, the four dollar stellas have been among the auction price leaders in the entire U.S. numismatic market. Patterns that are nonetheless collected alongside the regular gold coin series, the stellas' beauty, rarity, and larger market appeal compared to most other patterns have led them to set one price record after another. Of the Top 250 Auction Prices as published in the 2009 Guide Book, stellas hold 17 of those records. It seems only a matter of time before a high-grade stella joins the "Million Dollar Club"; the current Guide Book record is $977,500. That record is for an 1880 Coiled Hair stella in PR66 Cameo, certified by NGC, that we offered in our FUN Signature Sale (Heritage, 1/2005, lot 30044).
The 1879 Flowing Hair stellas are by far the most plentiful of the four stella designs, with coinage estimates ranging from 400-plus up to 700-800 on the high side. This include the supposed production of 15 "originals" in 1879 lacking striations and a second, subsequent 1880 production of hundreds of coins to meet the demand for the popular patterns. The 1879 Coiled Hair and both of the 1880 types, Coiled and Flowing Hair, are extremely rare. The Guide Book maintains that 12 1879 Coiled Hairs are known (making it the rarest of the four), with 17 of the 1880 Flowing Hair (second rarest) and 18 of the 1880 Coiled Hair.
The 1880 Flowing Hair stellas were one of Charles Barber's designs, while the Coiled Hair versions were designed by Barber's more-talented assistant engraver, George T. Morgan. On the obverse the head of Liberty, hair flowing down below her neck, faces left, with the inscription (each character separated by stars) 6 G .3 S .7 C 7 G R A M S around the rim. She wears a coronet with the word LIBERTY in her hair; the date 1880 is below. On the reverse (common to all 1879 and 1880 stellas) a five-pointed star occupies the center, bearing the legend ONE STELLA / 400 CENTS. In an inner circle are E PLURIBUS UNUM and DEO EST GLORIA ("God is glory"), with UNITED STATES OF AMERICA and FOUR DOL. around the outer rim.
When one compares the obverse of the 1880 Flowing Hair stellas against the 1879 obverse and that of the 1880 Coiled Hair, one notes that the date is markedly smaller and shifted, nearly touching the lowest hair curls and well separated from the denticles. The date on the 1880 Coiled Hair is large and well-centered between the peripheral legends, the denticles, and the bust truncation. Examination of all four stella types at the same time--something we at Heritage very occasionally have the privilege to do--suggests that all of the devices on both sides except for the date were actually in the working hub. In particular, the double-pointed inner vertex on the 3 (on .3 S) is common to all four types, as is the double-punched D on UNITED.
While there is no record of exactly why the 1880 date is different on only the Flowing Hair--and indeed, there is curiously little comment in the numismatic literature regarding the difference--the small digits and their odd, off-centered placement suggests a rush job. It is generally acknowledged that all of the later three stellas--the 1879 Coiled Hair and the 1880-dated types--were clandestine issues, produced specifically as numismatic delicacies for well-heeled collectors and/or Mint personnel, a distinction which is blurry at best.
This coin has gorgeous orange-gold coloration with notable field-device contrast, and there are no mentionable distractions. For pedigree purposes, we note a tiny dotlike planchet indentation, as made, at the juncture of Liberty's chin and neck, and a faint dark toning spot between .3 and Liberty's mouth. This piece shows the striations, here running southwest to northeast, that we believe exist on all stellas, a function of reducing the planchet thickness from five dollar coins to four dollar coins. As of (11/08) NGC has certified five examples of the 1880 Flowing Hair in PR66 Cameo including this piece, with two finer. PCGS has graded one PR66 Cameo, with only a single PR67 non-Cameo finer. As such, the present coin represents a significant opportunity to obtain one of the finest examples of this issue currently available in the numismatic marketplace--a coin that appears destined in the future for even-greater glory.
See: Video Lot Description(Registry values: P2)

Coin Index Numbers: (NGC ID# 28B3, PCGS# 88059, Greysheet# 8788)

Weight: 7.00 grams

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

View Certification Details from NGC