LOT #3639 |
Current Bid: $3,500
1861-S $20 Paquet AU55 PCGS....
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Description
1861-S Paquet Reverse Twenty, AU55
Elusive One-Year Design Subtype
Listed in 100 Greatest U.S. Coins
1861-S $20 Paquet AU55 PCGS. The reverse of the double eagle
was modified by Mint Assistant Engraver Anthony C. Paquet in 1861.
The new reverse had taller, narrower letters in the legends, which
used up more of the field and left room for only a narrow reverse
rim. The obverse design remained the same, creating a mismatch
between the wide obverse rim and the narrow rim around the reverse.
This disparity caused some striking problems and it was feared
excessive die breakage and surface wear would render the design
impractical. Accordingly, the Paquet design was quickly abandoned
and coinage at the Philadelphia Mint was resumed using the old
reverse design.Unfortunately, dies had already been shipped to the branch mints. Four sets of double eagle dies were sent to the San Francisco Mint near the end of 1860 with the modified reverse design. The San Francisco coiners began coinage of double eagles 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 quietly 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 struck Paquet double eagles slipped quietly into commercial channels, where they were urgently needed, 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 large denomination gold coins had attained a measure of popularity, an S-Mint Paquet twenty was discovered under an old barn in Hull, Texas, 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 (9/25).
The coin offered here is an impressive Choice AU specimen that shows only light wear on the strongly impressed design elements. The pleasing orange-gold surfaces exhibit fewer than expected minor abrasions for a large gold coin that spent some time in circulation and traces of original mint luster remain in sheltered areas. The overall presentation is most attractive for this elusive branch mint issue. The 1861-S Paquet Reverse double eagle is listed among the 100 Greatest U.S. Coins. Population: 10 in 55, 11 finer (9/25).(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.
Auction Info
2025 November 13 - 14 US Coins Signature® Auction #1387 (go to Auction Home page)
Proxy Bidding Ends
November
13th
Thursday
5:50 pm CT
Auction Dates
November
13th-14th
Thursday-Friday
Proxy Bidding Time Remaining
19 Days
5h 30m 47s
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This lot is in: 2 -
Signature® Premier Floor Session (Live Floor, Live Phone, Mail, Fax, Internet, and Heritage Live):
(Lots 3464-3713) - 6:00 PM Central Time, Thursday, November 13, 2025.
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Dallas, TX 75261
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