|
Sale 7
Coin and Currency Auction
| Lot |
Photo |
Description |
Realized |
Lot 880 |
 |
PROBABLE "MADAM" 1879 FLOWING HAIR STELLA. PCGS graded EF-40. With a mintage of only 425 pieces, this is the most available of the famous $4 stellas. This particular coin has dark coppery toning in the fields, and lighter gold colors on the devices. We note the coin has excellent eye appeal and is well struck on both sides. There is a minor scratch before Liberty's eye, which continues above into her hair, but this is scarcely noticeable. The bold reverse star states: ONE STELLA / 400 CENTS.
The curious denomination was hatched under the auspices of the need for an international trade coin which would compete with other gold coins used for trade. Furthermore, ever since the discovery of gold in California in 1848, the entire world price structure of silver to gold had been adjusting. Simply put, there was so much gold flowing into the world from California, that silver coinage disappeared from circulation by 1852, and adjustments to reduce the silver content in coins still failed to keep them in circulation. Furthermore, banks would not redeem Treasury notes, or even their own paper currency, for gold or silver coins. Instead, our nations defacto currency became a mix of scrip, private tokens and fractional currency. The panic of 1857 made the situation worse, this was followed the Civil War and many other world disruptions. Congressional friends of various well placed silver miners passed legislation forcing the coinage of vast amounts of silver (at inflated prices to the world price) for silver Trade Dollars and Morgan Dollars, in order to distribute the Comstock silver from Nevada found in the 1870s. Thus gold and silver see-sawed back and forth in relative value to each other as various discoveries, wars and supply disruptions affected the world supply. In order to sell vast amounts of gold to the government, what could be better than an international gold coin? It worked for the Trade Dollar in silver, so Congress might as well do the same for the gold miners. The appropriate legislation was passed, and both Barber and Morgan produced prototypes. Barber produced this flowing hair design, and Morgan the coiled hair. Congressmen were given examples to promote the issue to keep alive the hopes of the gold mine owners to distribute ever more gold at inflated prices to the mints. Collectors of the day were unable to obtain Stellas, although it was widely reported at the time by the press that many of the more famous madams who owned the bordellos favored by congressmen had somehow managed to obtain multiple examples of these Stellas, much to the embarrassment of officials. Ahh, if only coins could talk, who knows what stories this "circulated" Stella would tell, and how many Congressmen would get caught up in yet another scandal.
Estimated Value $27,000 - 32,000.
View details and enlarged photos
| Unsold |
|
|