1861-S $20 Paquet AU50 PCGS....

Description

1861-S Liberty Double Eagle, AU50
Elusive Paquet Reverse Variant
Rarest S-Mint Twenty
One Year Subtype

1861-S $20 Paquet AU50 PCGS. Assistant Mint Engraver Anthony C. Paquet was born in Hamburg, Germany on December 5, 1814 and emigrated to the United States on October 10, 1848. He was hired as an assistant engraver at the Philadelphia Mint on October 20, 1857, after working in private practices in New York and Philadelphia. He is best known for engraving the first Medal of Honor in 1861.

Paquet modified the reverse design for the double eagle in 1860, using taller, more slender letters in the legend. Unfortunately, these changes resulted in an expansion of the reverse field, making the reverse rim narrower than the obverse rim. This caused some striking problems 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.

Four sets of double eagle dies were sent to the San Francisco Mint near the end of 1860 with the modified reverse design and coinage of double eagles began early in the year. Some adjustments were needed to accommodate the slightly wider reverse field and its narrow rims, yet the San Francisco facility had few problems striking 19,250 1861-S Paquet twenties. They were promptly released into circulation without fanfare. Word from Mint Director James Ross Snowden to immediately halt production of the Paquet double eagles did not arrive until February 2, 1861, to which San Francisco Mint Superintendent Charles H. Hempstead replied:

"I have the honor to acknowledge the receipt of your favor of the 5th, 'overland,' which however did not come to hand until the 2nd [of February]. I was, therefore, unable to prevent the striking and issuing of a large number of double eagles, coined with the new dies. The amount issued was $385,000."

The newly minted Paquet twenties slipped quietly into commercial channels and many coins were used to settle large accounts in foreign trade. No one noticed the subtle differences in the coin's design and none were saved for numismatic purposes. The small mintage circulated for many years, suffering much loss and attrition in the natural course of events. Their existence went unnoticed until a brief acknowledgement of them appeared in the American Journal of Numismatics in 1895, after which they were forgotten once again for nearly half a century. In 1937, when collecting twenty dollar gold pieces had attained a measure of popularity, an S-Mint Paquet twenty was discovered under an old Hull, Texas barn with some other gold coins. More examples eventually turned up, primarily examples repatriated from European holdings in recent years, but the issue remains elusive in all grades. Today the 1861-S Paquet is the rarest of all San Francisco double eagles, with only about 200 pieces extant. Until recently, no Mint State examples were known, but a single MS61 example and an MS62 specimen now show on the PCGS Population Report, and the NGC Census lists a single MS61 coin(1/25).

The present coin is an impressive AU specimen, with some light wear on the design elements that still leaves much interior detail intact. The pleasing apricot-gold surfaces show the expected number of minor abrasions for a large gold coin that spent some time in circulation and traces of original mint luster remain in sheltered areas around the devices. The overall presentation is most attractive. The 1861-S Paquet reverse double eagle is listed among the 100 Greatest U.S. Coins. Population: 23 in 50, 36 finer (1/25).
Ex: Baltimore Auction (Stack's Bowers, 2/2019), lot 1178.(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.

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