1861-S $20 Paquet AU58+ PCGS....

Description

1861-S Paquet Reverse Twenty, AU58+
Tied for Second-Finest Certified by PCGS
Important One-Year Design Subtype

1861-S $20 Paquet AU58+ PCGS. Ex: Harry W. Bass, Jr. Collection. The Paquet Reverse design made its debut in 1861, but it was struck only briefly at the San Francisco Mint, while the Philadelphia Mint's production was largely melted. No Paquet coins were struck at all by the New Orleans Mint. The story of the famous Paquet double eagle reverse is an interesting one, and only recently has knowledge coalesced into a clear picture of why this important gold type is one of the most desirable and highly valued rarities in the U.S. gold series.

Assistant Engraver Anthony C. Paquet was a Hamburg, Germany native who emigrated to the United States in October 1848. He worked in Philadelphia and New York for several years before joining the Mint's staff in October 1857. His work at the Mint included several memorable patterns and Mint medals, as well as preparing the dies for the first Congressional Medal of Honor and Indian Peace medals for Presidents Johnson and Grant. Yet, his talents were probably underutilized and his full potential remained unfulfilled. Paquet's regular U.S. coinage credits are essentially the 1861 double eagle named for him, and a less-known design modification for the 1859 half dime.

Many collectors and numismatic scholars believe Paquet's reverse die was a significant improvement to James B. Longacre's venerable double eagle design. It represents the first major design change for America's preeminent gold denomination -- one that demonstrates artistry through the use of elegant letter punches subtle refinements to the eagle's central motif.

It is no small accomplishment to survive the Mint's approval process that includes patterns, test strikes, and often "resistance to change" within the Mint itself. Still, Paquet's design sailed through the process. Perhaps it was hurriedly implemented. The design's working dies were made in Philadelphia and sent to the branch mints for use in the following year's coinage. Four pairs of dies including the new reverse were shipped to the San Francisco Mint on November 7, 1860, and three reverse dies were sent to the New Orleans Mint on December 10. All dies were accompanied by the following, somewhat ominous directive:

"The reverse dies of the double eagle are from a new original die presenting a larger face for the device without changing the diameter of the piece. They will require a slight change in the milling to suit the border."

The Philadelphia Mint was ready to strike Paquet double eagles immediately following the first of the year. Problems with the milling and the Paquet reverse field proved more difficult to fix than expected. With many gold deposits on hand, Mint Director James Ross Snowden needed to strike nearly 3 million double eagles in 1861. Snowden was in the final few months of his tenure -- and he had no time (nor patience) for fine-tuning the new reverse die. He telegraphed the branch mints and told them to stop production and revert back to the Longacre reverse.

Meanwhile, the San Francisco Mint had seemingly solved its problems striking the coins. Some 19,250 pieces were struck and released into circulation before Snowden's telegraph message arrived.

While the Philadelphia Mint version of the Paquet Reverse twenty is one of the rarest coins in American numismatics with only two pieces known, the San Francisco Mint counterpart is more available. Perhaps as many as 100 pieces are thought to survive in all grades. However, it remains rare in high grades.

The Harry W. Bass, Jr. Core Collection Coin
Until recently, there were no Mint State 1861-S Paquet double eagles listed at either PCGS or NGC. A MS62 PCGS coin now resides in the D.L. Hansen Collection, making the Harry Bass, Jr. example tied for the second-finest certified example at PCGS. Marks and abrasions are seen on all 1861-S Paquet coins, although this example shows a mere handful of minor marks when compared to similarly graded coins. Attractive, honey-gold surfaces retain the original sharp strike and plentiful mint luster abounds. Eye appeal is far stronger than most San Francisco Paquet twenties. This coin has been absent from the market for its duration within the Bass Core Collection, and will be eagerly awaited by those needing a high-grade Paquet twenty for their advanced collection or Registry Set.
Population: 8 in 58 (2 in 58+), 1 finer (11/22).

Roster of Significant 1861-S Paquet Reverse Double Eagles
1. MS62 PCGS. D.L. Hansen Collection. Prior provenance unknown.
2. Unc Details - Cleaning - PCGS Genuine. Rarities Sale (Stack's Bowers, 8/2016), lot 3491, $105,750.
3. AU58+ PCGS. Nicholson Family Collection (Stack's, 6/1967), lot 219; James Dines Collection (Stack's, 3/1969), lot 868; Paul Nugget, sold privately via the Goliad Corporation on 9/24/1987; Harry W. Bass, Jr. Foundation Collection (HBCC# 1037). The present coin.
4. AU58+ NGC. FUN Signature (Heritage, 1/2018), lot 5109, $144,000.
5. AU58 PCGS. Pre-Long Beach (Goldberg Auctions, 6/2005), lot 1075, $134,550; Ohringer Family Trust Holdings, Part II (Goldberg Auctions, 9/2008), lot 1286, $166,750; AWA Collection; D.L. Hansen Collection.
6. AU58 PCGS. Central States Signature (Heritage, 4/2006), lot 4209, $149,500.
7. AU58 PCGS. FUN Signature (Heritage, 1/2009), lot 4145, $149,500; Charles G. Wright Family Collection (Heritage, 4/2014), lot 5807, $223,250.
8. AU58 PCGS. H. Jeff Browning "Dallas Bank" Collection (Sotheby's/Stack's, 10/2001), lot 31, $40,250; El Dorado Collection (Stack's Bowers, 6/2014), lot 2629, $188,000.
9. AU58 NGC. Recovered from the wreck of the S.S. Republic; Galt's Gulch Collection / FUN Signature (Heritage, 1/2012), lot 5039, $184,000.
10. AU58 NGC. Baltimore Collection (Heritage, 10/2008), lot 3035, $149,500; Long Beach Signature (Heritage, 2/2009), lot 3020, $161,000; New York Signature (Heritage, 11/2013), lot 3900, $176,250.
From The Harry W. Bass, Jr. Core Collection, Part II.(Registry values: N7079)

Coin Index Numbers: (NGC ID# 269L, PCGS# 8936, Greysheet# 9901)

Weight: 33.44 grams

Metal: 90% Gold, 10% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

View Certification Details from PCGS