The Stellas Are in a League of Their Own

The Stella patterns of 1879 and 1880 are among the most sought-after coins in American numismatics.

By Jeff Garrett for NGC – Original article Posted on NGC on 9/25/2025

The Heritage Summer ANA sale that recently concluded contained a vast array of important rarities. One of the most interesting sections was the offering of a complete set of Four Dollar Gold Stellas. Usually, a complete set of Stellas is only seen when major collections cross the auction block.

The highlight of the Heritage offerings was a stunning 1880 Coiled Hair Stella graded NGC PF 67, which realized $2,280,000. Coiled Hair Stellas are one of the most alluring and elusive US gold coins. The $2 million-plus price tag seems like a great value in today’s billionaire-driven market.

1880 Coiledd Hair Stella — Image Courtesy of NGC

Very few US coins inspire the awe and fascination of the 1879 and 1880 Four Dollar Gold coins, otherwise known as “Stellas.” These enigmatic coins are far beyond the financial reach of most collectors. Despite this, the Stella has become one of the most popular US coins ever produced. Wealthy collectors have created a demand that far outstrips supply. Even circulated examples now command a nearly six-figure price. The five-pointed star and the word Stella have become iconic symbols in numismatics.

Interestingly, the Four Dollar Stellas of 1879 and 1880 are actually pattern coins and were not intended for circulation. They are one of the few coins that are commonly sought after by collectors of regular-issue US coinage. The 1856 Flying Eagle Cent and the 1836 Gobrecht Seated Dollar are other examples. Because of their popularity, all of these are listed along with regular coinage in A Guide Book of United States Coins (the Red Book).

The story of the Four Dollar Stella began in the 1870s, when several countries advocated for the establishment of a universal coin that would correlate to several international currencies. A few efforts were made early in the decade (hence coins such as the 1874 Bickford pattern $10 gold pieces), but the most serious attempt came in 1879. That year, the US minister to Austria-Hungary, John A. Kasson, proposed a $4 gold coin with a metallic content stated in the metric system, making it easier for Europeans to use.

Per Kasson’s proposal, this new coin would approximate in value the Spanish 20 Peseta, Dutch 8 Florin, Austrian 8 Florin, Italian 20 Lire and French 20 Franc pieces, among other denominations. The purpose of the $4 gold coin was to facilitate international trade and travel for US citizens. The creation of the Euro over 100 years later was created with a similar intent for trade among member nations.

Congress became interested enough in Kasson’s suggestion to order the Mint to produce a limited run of the $4 gold pieces so that Congressmen could review the coins. Soon thereafter, Chief Engraver Charles Barber prepared an obverse design that depicted a portrait of Liberty facing left with long, flowing hair. Meanwhile, George T. Morgan created a motif featuring a portrait with coiled hair. Morgan designed the most famous and popular coin in all of numismatics, the Silver Dollars known simply as Morgan Dollars.

The Mint’s quest for an international coin ended in failure and none of the pattern coins created around this time ever became a regular issue. Although these coinage efforts were failures at the time, collectors at the time, and for generations after, have coveted the 1879 and 1880 Four Dollar Gold issues. The Coiled Hair examples are particularly desirable.

1879 Flowing Hair

Estimated mintage: 425-725
Examples known: Fewer than 500
Total graded by NGC: 264 coins (includes resubmissions)
Top NGC-graded example to appear at auction: PF 68 Ultra Cameo

The 1879 Flowing Hair Stella is by far the most available of the four known issues, as this was the version produced for Congress. Although 425 pieces were supposedly struck, it is likely that as many as 725 were minted in total. One numismatic legend states that some Congressmen gave their Stellas to mistresses as gifts, which could explain the large number of ex-jewelry specimens known today. Collectors buying circulated examples should be very wary of repair and only purchase NGC-certified coins.

Nearly all 1879 Flowing Hair Stellas exhibit light roller marks, regardless of grade. This was probably caused when the planchets were being produced by rolling down Half Eagle planchets to the proper thickness. The surfaces of 1879 Flowing Hair Stellas can also vary greatly.

The most desirable coins are early strikes with deeply mirrored surfaces and sharp cameo contrast. Because of the relatively high mintage, later strikes can have striated and somewhat frosted fields and devices. These coins more closely resemble Satin Finish Proofs of a later era. Some numismatic references state that only 15 original coins were minted. This may be true, but so far numismatic researchers have been unable to prove an example was from this production.

The 1879 Flowing Hair Stella is probably the most available coin priced above $100,000. Its price is strictly due to its popularity. If a collector can afford one of these fascinating coins, there is a good chance they will try to acquire one. These coins are perfect for the collectors who like a small box of great coins. This is a collecting strategy that has gained popularity in recent years.

1880 Coiled Hair Stella — Image Courtest of NGC

1879 Coiled Hair

Estimated mintage: 20
Examples known: 12-15
Total graded by NGC: 13 coins (includes resubmissions)
Top NGC-graded example to appear at auction: PF 66 Cameo

The 1879 Coiled Hair Stella is one of the great rarities of American numismatics. The obverse Coiled Hair design was created by Morgan, the Assistant Engraver. This issue has been extremely desired by collectors since the time of issue. They were distributed by the US Mint to favored collectors and dealers of the era. Because of the low mintage, most examples have deeply mirrored surfaces. A few mishandled examples are known to exist, but even these sell for hundreds of thousands of dollars.

It should also be mentioned that for all four of the 1879-1880 Stella designs, that the US Mint also produced copper and aluminum examples. Some may have been gilded at the Mint, or were later gold-plated. I assume it goes without saying that you should never buy one of these coins uncertified. Coiled Hair Stellas only show up at auction when great collections cross the auction block. Gem examples have sold for more than $1 million in recent years.

1880 Flowing Hair

Estimated mintage: 25-40
Examples known: 20-25
Total graded by NGC: 20 coins (includes resubmissions)
Top NGC-graded example to appear at auction: PF 67 Cameo

The 1880 Flowing Hair Stella is many times rarer than its 1879 cousin of the same design. It lacks the “star” power of the Coiled Hair issues, and for many years was extremely underpriced for its rarity. More sophisticated collectors have driven the price up in recent years and the coin now commands prices more in line with its limited availability.

The 1880 Flowing Hair Stella is also seen with deeply reflective mirror surfaces and with somewhat subdued surfaces. The ever-present roller marks are also common on most examples. There are several amazing examples known, including two in the Smithsonian National Collection.

1880 Coiled Hair Stella

Estimated mintage: 15
Examples known: 10-12
Total graded by NGC: 11 coins (includes resubmissions)
Top NGC-graded example to appear at auction: PF 67 Cameo

This is the rarest of the 1879-1880 Stella issues. It is an iconic numismatic rarity and usually makes headlines when offered at auction. An NGC PF 67 example sold for $2,280,000 in August 2025. Most examples seen are deeply mirrored with Cameo surfaces.

Only the wealthiest individuals collect Proof US Gold coins. A very select few of them attempt to complete a set of 1879 and 1880 Stellas. Completing such a set is truly a numismatic feat, and these coins only show up every few years at the most. One or two slightly mishandled examples are known, but even those sell for more than $500,000 when offered. An 1880 Coiled Hair Stella is the centerpiece for any collector lucky enough to own one.