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Sale 34
Pre-Long Beach Coin and Currency Auction
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Lot 1058 |
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1879 $4 Gold. PCGS graded Proof 65 Deep Cameo PQ. Lovely gold toning and well struck. A bright gold specimen with no toning or reddish copper spot. The deeper highlights on the design devices show wonderful frosty motifs while the mirror fields account for a pleasing cameo appearance. This is noted on the holder as "deep cameo." A nicely struck coin for the issue, with only a hint of weakness in Liberty's hair locks above her ear. Faint mint-caused striations are seen at the centers, as is always the case on Stellas; we are not aware of very many exceptions to the rule. A wonderful look of originality gives an added aura to the coin since there are no blemishes of note. All in all, we are presented here with a true gem Proof 65 example of a rare and popular issue, a coin by a long way deserving its assigned grade. The coins one from a mintage of 700+ pieces (the Guide Book lists the mintage as 425), made for distribution to congressmen and sale to collectors (not to forget private profit by Mint officials or other "insiders.") While the mintage of the 1879 Flowing Hair Stella seems outsized in contrast to the other three issues of the design type (1879 Coiled Hair, 1880 Flowing Hair, and 1880 Coiled Hair), the demand for Stellas of any date or style is always greater than the marketable supply, for it is an issue that, once purchased, tends to remain in a collection or estate for years. As far as the present specimen goes, it is among the finest examples of the date reported. We could go on and on with its other admirable virtues, but let's cut to the quick by stating categorically that the present piece is a ready-made pick for a collection of "registry" quality coins. An exceptional specimen of one of America's most esteemed rarities! Pop 9; 2 in 66 DCAM, 1 in 67 DCAM, Probably many repeats in these numbers. (PCGS # 98057) .
Estimated Value $175,000 - 200,000.
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| Realized
$241,500 |
Lot 1059 |
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1879 $4 Gold. Flowing hair. NGC graded Proof 66. This is the historic pattern issue struck in gold, a resplendent 1879 $4 Flowing Hair "Stella", Judd-1635, Pollock-1832, Rarity-6. The history of the four dollar gold piece, or "stella," is ingrained in the late 19th century desire to produce U.S. coinage that would be acceptable on the international market. The dual denomination $5-25 francs pattern coinage of 1868 (Judd-656 through 659) is one of the earliest attempts in that direction. It was followed by Dana Bickford's 1874 pattern eagle (Judd-1373 through 1378) and, finally in the metric 1879-1880 Stellas. The Flowing Hair Liberty designed by Charles E. Barber, assistant engraver at the mint, was struck in two alloys in 1879. Twenty five coins (Pollock-1832) were produced in the metric alloy of 85.71% gold, 4.29% silver, and 10.0% copper. The Mint delivered these pieces to Congress as part of three-piece pattern sets. Increased demand for representations of the new denomination resulted in the production of a further 400 coins (Pollock-1833) in the standard alloy of 90.0% gold and 10.0% copper.
This piece is certainly among the finest ever recorded, as seen from the lack of heavy die striations in the central portion of the obverse that tend to weaken this area of most known 1879 flowing hairs. The fields are deeply mirrored and glassy with gorgeous mint frostiness on the devices, which gives the coin a noticeable cameo contrast. The usual tiny luster grazes that accompany many Proofs of this type are completely absent here, nor are there any errant specks of grease or orange copper areas -- thereby setting up an impression of first-class preservation and eye-appeal! The coin is housed in an NGC holder with its protective, non-tarnish material and is sure to be a hit with advanced bidders to the sale. Pop 9; 2 better at this level. (PCGS # 8057) .
As envisioned by Honorable John A. Kasson, United States minister to Austria in 1879, the $4 gold or Stella, was named for the star that dominates the reverse design (Latin: stella=star). Kasson also served as chair of the Committee of Coinage, Weights, and Measures earlier in his congressional career. He was a steadfast advocate of the United States developing a coinage that would be valued and weighed metrically, as used in Europe, and would thus pass at a par with such well-used world gold issues as the Spanish 20 pesetas, Austrian eight florins, Italian 20 lire, Dutch eight florins, and the French 20 francs. The Committee of Coinage, Weights, and Measures took up Kasson's proposal, advancing the suggestion that a name "suitable for the four-dollar coin would be 'one stella' analogous to one eagle, both the star and the eagle being national emblems on our coins."
Kasson's proposal did not break new ground, as mentioned above. Foreign exchange rates of the time were seldom regular, and even a denomination such as Kasson's proposed $4 coinage would never precisely fit the exchange rates of the day nor match the coins of Europe it sought to compete with -- it would still require some agency to make exchange computations and give change using other smaller denominations. Despite this, Kasson's $4 denomination was greeted with congressional interest. Both Charles E. Barber and George T. Morgan were responsible for designs of the $4 gold piece. Those designed by Barber bore a portrait of Liberty with hair loose and flowing, today called the "Flowing Hair" type, as offered here, while Morgan's design showed a more austere Liberty, hair tightly coiled and coiffed, the "Coiled Hair" type.
Estimated Value $170,000 - 200,000.
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| Realized
$212,750 |
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