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Treasure Hunt by Peter Rexford

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A Rare Coin Named "Desire"

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With every passing year (translation: I admit I'm getting older) I'm forced to concede that history does tend to repeat itself. That's never been more apparent than during this year of severe economic concerns and politicking at its best — and worst. A day doesn't go by without elected officials being accused of corruption. Regrettably, that's frequently been proven true.

Of course, we'd like to envision our politicians as civil and even-keeled people. Instead, we learn of meetings at the White House replete with screaming matches. We also want to believe our economy is sound. But, with the prospect of mortgage failures, Wall Street bailouts and stock market roller coasters, all that's out the window. A quick glance back in time reveals none of this is new.

When the Continental Congress was in session in the mid-1700s, firearms carried by elected legislators weren't uncommon — thankfully, not used on each other. As for the economy, we were in debt up to our eyeballs to countless European foreign countries. Continental currency (our paper money) eventually became entirely worthless.

By the mid-1800s we had rebounded nicely. Our trade with other nations was good. So much so that, in 1879, the U.S. Mint produced a $4 coin intended to facilitate international exchange with Austrian, Italian, French, Dutch and Spanish coins of the same weight. Before the idea gelled it proved nonviable and was scrapped — but not before 415 of the proposed coins had been minted.

Coin collecting may have been in its infancy in the late 1800s, but with an estimated 100 million collectors today, 415 of anything is a very small number. So much so that any of those $4 coins are now among the most coveted around. Their current value of over $500,000 each underscores that.

The name given to the precious few $4 coins minted in 1879 and 1880 was the "Stella." For most, the only correlation to that name might be from the movie "A Streetcar Named Desire," when Marlon Brando stood on the street screaming "Stelllaaaa!" In truth, it's because the large star engraved on the reverse is from the word "conSTELLAtion." Along with the star the designs on the coins are intricate, including the metallic content of six grams of gold, .3 grams of silver and .7 grams of copper.

With so few coins produced, it should be no surprise that they rarely come up for sale.
Most all are held in the collections of wealthy individuals and never see the light of day.

In a few days, one of the few available Stella coins will go under the hammer at auction. As with most that are known, the one that's for sale is in exceptional condition. At the Scotsman Auction Company sale on Oct. 17, over 1,200 lots of collectible and rare coins will pass under the gavel. But, surely, the pedigreed $4 Stella will be the highlight.

A copy of the auction catalog can be obtained by calling toll-free: 800-642-4305. The lots can also be viewed online at: www.scoins.com. For those with far more money than I (or most anyone I know), web and telephone bidding is available.

One last thing — and, yes, this involves politics and the economy. If only 415 of the gold Stella coins were ever produced, who got them? They were never released but merely "proposed." Yes, in 1880, they all went to congressmen and other politicos — be they Democrat or Republican. Go figure. Some things never change. I can hear Brando screaming now, "Stelllaaaaaa!"

Editor's Note: A JPEG visual of the $4 "Stella" gold coin to be auction on Oct. 17, has been sent with this column.

To find out more about Peter Rexford and to read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.

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Originally Published on Thursday October 09, 2008

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