Heritage World Coin Auctions
Long Beach Signature US Coin Sale 1256 8-9 Jun 2017
View prices realized
► Sale information
Find similar lots
Proof Four Dollar Gold Pieces
1879 $4 Flowing Hair, Judd-1635, Pollock-1833, R.3 -- Repaired -- PCGS Proof Genuine. Unc Details. The story of the 1879 Flowing Hair stella is a complicated one, with a host of well-known characters. From Representative John A. Kasson, Alexander H. Stephens, and William Wheeler Hubbell, to Charles Barber and George T. Morgan, there were many players involved in the production of the stella, or so it seems.
It was widely believed for decades that John A. Kasson, the United States ambassador to Austria-Hungary, called for the production of a new denomination that could easily be exchanged against the standard gold pieces of France, Italy, Austria, and the other countries that made up the Latin Monetary Union. It has also been said that Kasson was allied with Western mining interests and sought to have the United States government buy up their gold and silver by promoting a new gold piece.
Roger Burdette's extensive research did much to clarify who was really responsible for the creation and design of the curious four dollar denomination. In thoroughly examining the historical record, Burdette found the Kasson narrative problematic. Kasson had been the chairman of the Committee on Coinage, Weights, and Measures. He knew perfectly well that a four dollar coin was not suitable for a one-to-one exchange. The standard gold coins of the LMU were worth $3.88, not $4, rendering the stella obsolete. Kasson wrote to the State Department in January 1879 arguing for the use of the Austrian eight florin as the standard for certifying invoices to the Austrian consulate. He explained that it would be helpful for the United States Mint to produce "a new gold coin ... to be the exact value [emphasis added] of the gold piece already better known throughout Europe and the East than any other single coin."
Eventually, Representative Alexander H. Stephens, then chair of the committee Kasson had headed earlier, got hold of the letter. Burdette writes: "Stephens, probably after verbal consultation with Hubbell [proponent of a patented goloid composition], changed the meaning of Kasson's letter from 'exact value' to 'approximate denomination' when he replied to Treasury Secretary Sherman."
Collectors have Stephens and Hubbell to thank for pushing the production of the stella. William W. Hubbell stood to profit mightily from the Mint employing his goloid composition, while Stephens, an ardent supporter of Hubbell, sought to help a friend and gain the support of his constituents and fellow congressmen.
This example of the 1879 Flowing Hair proof issue is noted as Repaired by PCGS, although the work is skillfully done. A few subtle areas of smoothing are visible on the obverse, especially in the left field near the 3 and its adjacent stars in the legend. An additional repair may have been executed at the stars and M near the opposite rim. We note a thin, small mark near DEO and some faint delicate lines in the reverse fields. Still, nice eye appeal remains on both sides of the coin and the honey-gold surfaces show attractive, delicate orange accents with sharp definition throughout the motifs.
HID02901242017
1879 $4 Flowing Hair, Judd-1635, Pollock-1833, R.3 -- Repaired -- PCGS Proof Genuine. Unc Details. The story of the 1879 Flowing Hair stella is a complicated one, with a host of well-known characters. From Representative John A. Kasson, Alexander H. Stephens, and William Wheeler Hubbell, to Charles Barber and George T. Morgan, there were many players involved in the production of the stella, or so it seems.
It was widely believed for decades that John A. Kasson, the United States ambassador to Austria-Hungary, called for the production of a new denomination that could easily be exchanged against the standard gold pieces of France, Italy, Austria, and the other countries that made up the Latin Monetary Union. It has also been said that Kasson was allied with Western mining interests and sought to have the United States government buy up their gold and silver by promoting a new gold piece.
Roger Burdette's extensive research did much to clarify who was really responsible for the creation and design of the curious four dollar denomination. In thoroughly examining the historical record, Burdette found the Kasson narrative problematic. Kasson had been the chairman of the Committee on Coinage, Weights, and Measures. He knew perfectly well that a four dollar coin was not suitable for a one-to-one exchange. The standard gold coins of the LMU were worth $3.88, not $4, rendering the stella obsolete. Kasson wrote to the State Department in January 1879 arguing for the use of the Austrian eight florin as the standard for certifying invoices to the Austrian consulate. He explained that it would be helpful for the United States Mint to produce "a new gold coin ... to be the exact value [emphasis added] of the gold piece already better known throughout Europe and the East than any other single coin."
Eventually, Representative Alexander H. Stephens, then chair of the committee Kasson had headed earlier, got hold of the letter. Burdette writes: "Stephens, probably after verbal consultation with Hubbell [proponent of a patented goloid composition], changed the meaning of Kasson's letter from 'exact value' to 'approximate denomination' when he replied to Treasury Secretary Sherman."
Collectors have Stephens and Hubbell to thank for pushing the production of the stella. William W. Hubbell stood to profit mightily from the Mint employing his goloid composition, while Stephens, an ardent supporter of Hubbell, sought to help a friend and gain the support of his constituents and fellow congressmen.
This example of the 1879 Flowing Hair proof issue is noted as Repaired by PCGS, although the work is skillfully done. A few subtle areas of smoothing are visible on the obverse, especially in the left field near the 3 and its adjacent stars in the legend. An additional repair may have been executed at the stars and M near the opposite rim. We note a thin, small mark near DEO and some faint delicate lines in the reverse fields. Still, nice eye appeal remains on both sides of the coin and the honey-gold surfaces show attractive, delicate orange accents with sharp definition throughout the motifs.
HID02901242017