Heritage World Coin Auctions
FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
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Liberty Double Eagles
1861-S $20 Paquet AU50 PCGS. The 1861-S Paquet Reverse double eagle is the rarest Liberty twenty from the San Francisco Mint. No examples were saved by contemporary collectors, and the issue is unknown in Mint State grades today. In addition to its absolute rarity, the 1861-S Paquet Reverse is a great "story" coin, with a mysterious origin that was long forgotten by the numismatic community.
Assistant Engraver Anthony Paquet modified the reverse design for the double eagle in 1860 (for use on coinage in 1861), using taller, more slender letters in the legend. Unfortunately, these changes caused the reverse field to expand slightly, making the reverse rim narrower than the obverse rim. This caused some striking difficulties and it was feared die breakage and surface wear would be excessive with this design, so officials at the Philadelphia Mint were quick to abandon the Paquet reverse and return to the old design for regular coinage. All but two (or possibly three) examples of the Philadelphia version of Paquet's design were subsequently melted.
As happened more than once in the 19th century, the decisions made at the Philadelphia Mint were slow to reach the far-flung branch mints, especially the San Francisco facility on the other side of the continent. Double eagle coinage began early in 1861 at the San Francisco Mint and, by the time the order to strike no coins with the new reverse dies reached that facility, a small mintage of 19,250 specimens with the Paquet reverse had been struck and released into circulation. No effort was made to recall the coins and, since the difference in design is really quite subtle, no one remarked on the new reverse at the time of issue. The small mintage slipped into the channels of commerce without remark, with many examples used in foreign exchange, and all knowledge of the San Francisco Mint Paquet Reverse double eagle was lost to the numismatic community.
The 1861-S Paquet Reverse double eagle was rediscovered in the 1930s, causing quite a stir in numismatic circles. Initially, it was believed the coins were extremely rare, as B. Max Mehl noted in his description for lot 206 of the Belden Roach Collection (Mehl, 2/1944), "I know of one other specimen which was offered for $1,000." The lot realized $375, a strong price for any double eagle at that time, despite the $1,000 allegedly offered for the discovery specimen. More coins with the Paquet design soon surfaced in European holdings, and perhaps 150-200 examples are known today. The record price realized for the issue is $223,250, brought by the AU58 PCGS example in lot 5807 of the Central States Signature (Heritage, 4/2014).
The present coin is an attractive AU specimen, with just a touch of actual wear. This coin exhibits a better-than-average strike, with much interior detail in Liberty's hair and only a few stars showing incomplete radials. Some scattered minor abrasions are visible on both sides, but this example is lightly marked for the issue, which nearly always displays excessive surface marks. The orange-gold surfaces retain traces of original mint luster and the overall presentation is most attractive for this storied branch mint rarity. Population: 20 in 50, 22 finer (11/16).
From The Casady Collection.
1861-S $20 Paquet AU50 PCGS. The 1861-S Paquet Reverse double eagle is the rarest Liberty twenty from the San Francisco Mint. No examples were saved by contemporary collectors, and the issue is unknown in Mint State grades today. In addition to its absolute rarity, the 1861-S Paquet Reverse is a great "story" coin, with a mysterious origin that was long forgotten by the numismatic community.
Assistant Engraver Anthony Paquet modified the reverse design for the double eagle in 1860 (for use on coinage in 1861), using taller, more slender letters in the legend. Unfortunately, these changes caused the reverse field to expand slightly, making the reverse rim narrower than the obverse rim. This caused some striking difficulties and it was feared die breakage and surface wear would be excessive with this design, so officials at the Philadelphia Mint were quick to abandon the Paquet reverse and return to the old design for regular coinage. All but two (or possibly three) examples of the Philadelphia version of Paquet's design were subsequently melted.
As happened more than once in the 19th century, the decisions made at the Philadelphia Mint were slow to reach the far-flung branch mints, especially the San Francisco facility on the other side of the continent. Double eagle coinage began early in 1861 at the San Francisco Mint and, by the time the order to strike no coins with the new reverse dies reached that facility, a small mintage of 19,250 specimens with the Paquet reverse had been struck and released into circulation. No effort was made to recall the coins and, since the difference in design is really quite subtle, no one remarked on the new reverse at the time of issue. The small mintage slipped into the channels of commerce without remark, with many examples used in foreign exchange, and all knowledge of the San Francisco Mint Paquet Reverse double eagle was lost to the numismatic community.
The 1861-S Paquet Reverse double eagle was rediscovered in the 1930s, causing quite a stir in numismatic circles. Initially, it was believed the coins were extremely rare, as B. Max Mehl noted in his description for lot 206 of the Belden Roach Collection (Mehl, 2/1944), "I know of one other specimen which was offered for $1,000." The lot realized $375, a strong price for any double eagle at that time, despite the $1,000 allegedly offered for the discovery specimen. More coins with the Paquet design soon surfaced in European holdings, and perhaps 150-200 examples are known today. The record price realized for the issue is $223,250, brought by the AU58 PCGS example in lot 5807 of the Central States Signature (Heritage, 4/2014).
The present coin is an attractive AU specimen, with just a touch of actual wear. This coin exhibits a better-than-average strike, with much interior detail in Liberty's hair and only a few stars showing incomplete radials. Some scattered minor abrasions are visible on both sides, but this example is lightly marked for the issue, which nearly always displays excessive surface marks. The orange-gold surfaces retain traces of original mint luster and the overall presentation is most attractive for this storied branch mint rarity. Population: 20 in 50, 22 finer (11/16).
From The Casady Collection.