Beginning in the 1870s, several countries advocated the establishment of a universal coinage that would translate easily across international currencies. A few efforts were made in the United States early in the decade, leading to coins such as the 1874 Bickford $10 patterns, but the most serious attempts came in 1879. That year, the Honorable John A. Kasson (U.S. politician and ambassador, at that time envoy extraordinary and minister plenipotentiary to Austria-Hungary) 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 Americans-the same motivation behind the 1874 Bickford eagle and other gold patterns.

Congress had enough interest in Kasson's suggestion to order the Mint to produce a lim¬ited run of the $4 gold pieces so that congressmen could review the coins. Soon thereafter, Chief Engraver Charles E. Barber prepared an obverse design that depicted a portrait of Liberty facing left with long, flowing hair. Meanwhile, George Morgan created a motif featuring a portrait with the hair coiled up in a bun. Denominated as ONE STELLA (so named after the large star on the reverse), the $4 gold pieces were minted in both 1879 and 1880 in a variety of metals, including gold, copper, and aluminum.

CX David Bowers, in his Guide Book of United States Type Coins, describes some reasons for the failure of the Stella:

[L]ogic dictated that the familiar $20 pieces were more convenient for international trade, easier to count, and were already in place. Besides, although the $4 Stella was set as being worth four Amer¬ican dollars, it still was not of the same value as even a single other current variety of European gold coin, and change would have to be made in transactions, just as it would have to be made for the standard $5 half eagle.

The 1879 Flowing Hair Stella is the most "common" of the four known varieties, as this was the version produced for Congress. Although 425 pieces were supposedly struck, it is possible that as many as 725 were minted in total. According to one numismatic legend, some congressmen gave their Stellas as gifts to wives and mistresses; if true, this would explain the large number of ex-jewelry specimens known today.

The three other varieties (the 1879 Coiled Hair, 1880 Flowing Hair, and 1880 Coiled Hair) are all significantly more rare.
More from Bowers on the coins of this interesting experimental denomination:

By any evaluation these are patterns, not regular coins, and are in the purview of specialists in the pattern series. However, the wide availability of the 1879 Flowing Hair has made it a stock-in-trade item for coin sales and auctions for more than a century, with the majority of buyers being collec¬tors of regular coins, not pattern specialists. Furthermore, the curious $4 patterns have been neatly adopted into nearly all books that list regular coins but not patterns (or just a few patterns, such as the 1856 Flying Eagle cent and the 1859 transitional half dime, as examples). The old Wayte Raymond Standard Catalogue (1934 to 1958 publication run) and the Guide Book of United States Coins followed suit.

In October 2005, a collection of 11 Stella patterns was displayed at the Whitman Coin and Collectibles Atlanta Expo. In addition to gold, there were several examples in aluminum, copper, and white metal. Most were of varieties with only four to six known in existence, and at the time each was valued between $55,000 and $500,000—a remarkable assemblage, and a rare opportunity for the average collector to examine these beautiful coins up close.

Designed by Charles Barber (Flowing Hair) and George Morgan (Coiled Hair). The Flowing Hair version features a portrait of Liberty with loose, fluid locks of hair. At the edge, the inscription 6G3S7GRAMSis found, indicating the weights and standards of the coin. On the reverse, the eponymous star is located in the center containing the words ONE STELLA 400 CENTS. Circumscribing the star are the words E PLURIBUS UNUM DEO EST GLORIA further encircled by UNITED STATES OF AMERICA FOUR DOL. The Coiled Hair version features a head of Liberty with braided hair, wearing a coronet. The word LIBERTY is inscribed on the headband. Edge: reeded. Standards for gold Stellas: weight, 7 grams; composition, ~ 85.7% gold / 4.2% silver / 10% copper; diameter, 22 mm.