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Lot
4981

1861-S $20 Paquet AU53 NGC. The Paquet double eagle was recognized as early as 1865 when a Philadelphia piece sold in a W....

2005 September Long Beach Signature Auction #384

 
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Auction Ended On: Sep 23, 2005
Item Activity: 6 Internet/mail/phone bidders
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Location: Long Beach, CA
Description:
Rare 1861-S Paquet Reverse Double Eagle
1861-S $20 Paquet AU53 NGC. The Paquet double eagle was recognized as early as 1865 when a Philadelphia piece sold in a W.E. Woodward sale for $37. However, it appears to have been largely forgotten until the 1930s, when it was "discovered" again and several pieces turned up in European numismatic sources over the next twenty years or so. Collectors over the past forty years have recognized it as an integral part of the set of Liberty Double Eagles. Condition and abrasions are always a problem for the Paquet Twenty. Most are in lower grades, and examples are almost invariably heavily abraded. This is because of the inherent weakness in Anthony Paquet's design. The reverse rim was lowered in relief, and as a result, the surfaces took on a larger-than-usual number of abrasions (including this coin) because the rim was not present to protect the interior surfaces. It looks like none have survived today in mint condition with the finest pieces certified as AU58. It is very scarce in AU condition with only 16-20 pieces believed extant in all grades from AU50 through AU58.
The surfaces have rich orange-gold coloration, and there is a significant amount of original mint luster around the devices, especially on the reverse. Each side is typically abraded, a couple of heavier ones are seen on the obverse portrait. We expect a great amount of bidder interest for this rare Liberty Double Eagle.(#8936) (Registry values: N7079) (NGC ID# 269L, PCGS# 8936)

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