1861-S $20 Paquet AU53 PCGS....

Description

1861-S Liberty Double Eagle, AU53
Popular Paquet Reverse
Elusive Issue in all Grades

1861-S $20 Paquet AU53 PCGS. The 1861-S Liberty double eagle, with the Paquet reverse, is an elusive key to the long and popular series. David Akers called the 1861-S Paquet double eagle "the rarest Liberty Head Double Eagle from the San Francisco Mint", but Doug Winter believes its appeal to collectors owes as much to its exciting background story as it does to its undeniable rarity. Heritage Auctions is privileged to present an attractive AU53 example of this classic gold rarity in this important offering.

Assistant Mint Engraver Anthony C. Paquet produced a new reverse design for the double eagle in 1861, with tall, thin letters in the legend and a narrow rim. Dies with the new design were sent to the branch mints at New Orleans and San Francisco, and an unknown number of coins were struck at the Philadelphia Mint in early 1861. Unfortunately, the narrow rim caused striking problems and it was decided to scrap the new design and return to the old Longacre reverse for future coinage. Most of the coins struck in Philadelphia were melted, and only two examples are known to collectors today. Telegrams were sent to the branch mints ordering them to use only the old reverse for coinage operations. The telegram reached the New Orleans facility before any coinage was accomplished with the new dies, but it took much longer for the message to reach San Francisco. The telegraph lines were not completed beyond St. Louis, Missouri. so the notification had to be sent by Pony Express beyond that point. It only arrived at the West Coast facility on February 2, by which time a small mintage of 19,250 examples of Paquet's design had been struck and released into circulation.

No effort was made to recall the coins already issued and they circulated widely in both foreign and domestic trade, passing without notice alongside coins of the Longacre design. Although numismatists noticed the ultra-rare Philadelphia specimens as early as 1865, the numismatic community remained largely unaware of the San Francisco issue until a specimen surfaced in an old barn in Hull, Texas in 1937. Since then, a number of examples have been discovered, many repatriated from European holdings, to increase the small supply for collectors. Doug Winter estimates the surviving population at 150-200 examples in all grades today, with most examples seen in the VF-XF grade level. No Mint State specimens are known.

The present coin is an impressive AU53 specimen, with some light wear evident on the high points of the design elements. The pleasing orange-gold surfaces are lightly abraded and retain traces of original mint luster in sheltered areas. This coin will be a centerpiece of a fine collection of Liberty double eagles. Population: 15 in 53, 12 finer (1/22).(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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