1861 Paquet Double Eagle to be Offered at Auction!

DALLAS, TEXAS: Only three regular issue U.S. coins are unique. The 1870-S half-dime, the 1873-CC No Arrows dime, and the 1870-S three dollar gold piece are each known by a single example. Next in line is the 1861 Paquet double eagle from the Philadelphia Mint. This important rarity is absolutely necessary for a complete set of Liberty double eagles.

Just two examples are known. One of these is a Superb Gem and the other a solid uncirculated example, but both pieces represent one of the most important issues in the entire scope of U.S. numismatic history. Although a third example of the 1861 Paquet double eagle has been rumored, only two have been positively identified during the 145 years since they were struck.

"While the obverse of the example offered in our upcoming auction has a few noticeable marks, the all important reverse is highly attractive and desirable with no similar marks," said Greg Rohan, President of Dallas-based Heritage Auction Galleries.

"Assistant Mint Engraver Anthony C. Paquet, who prepared the dies for the first Congressional Medal of Honor as well as Indian Peace medals for Presidents Johnson and Grant, prepared a modified reverse design for this coin in 1860," Rohan said, "and thus this coin bears his name. The Paquet reverse is essentially a copy of the previous Longacre design, made from new letter punches that provide a taller and more compact appearance, leaving more space between words. An unknown quantity of these coins were struck at the Philadelphia Mint beginning on January 5, but coinage was soon stopped due to concerns that the larger field area on the reverse die would cause problems striking these coins. At the same time, word was sent to the New Orleans and San Francisco mints to take the new dies out of service. "

Rohan continued, "Just two surviving examples of the 1861 Paquet double eagle are known, and they differ remarkably in quality. In 1965, The Dallas Bank Collection specimen was rediscovered in Europe. It is assumed that this is the same coin that was offered 90 years earlier. This broken pedigree chain may also be the source of reports that a third example exists, and there is still the remote possibility that a third specimen may someday come to light, remaining untraced since 1877, but this seems highly unlikely after 129 years."

"Of course, making this rare coin even more exciting," Rohan said, "is the fact that it is part of a complete collection of NGC & PCGS graded Type 1 $20s in AU or better, including 1854-O and 1856-O, along with a complete set of Carson City Mint double eagles, beginning with the 1870-CC rarity, all being offered at our Denver auction. This is definitely an event that no numismatist will want to miss."

Heritage Auction Galleries will offer the 1861 $20 Paquet MS61 PCGS in their upcoming Signature Auction, August 13-14, 2006, to be held at The Warwick Denver Hotel, 1776 Grant Street, Denver, CO, 80203.

Images, descriptions, and prices realized from all of Heritage's previous auctions are available in the Permanent Auction Archives at the Heritage website, www.HA.com.

To reserve your copy of a catalog for any upcoming Heritage auction, please contact Nicole Jewell, c/o Heritage Auction Galleries, 3500 Maple Avenue, 17th Floor, Dallas, TX 75219, or call 1-800-872-6467, ext. 272.