1861-S $20 Paquet AU58 NGC....

Description

1861-S Paquet Double Eagle, AU58
Among the Finest Known
Rarest San Francisco Twenty

1861-S $20 Paquet AU58 NGC. It is clear that the briefly employed Paquet Reverse type of 1861 was recognized as early as 1865, as one of the two known Philadelphia examples appeared as lot 2818 in W.E. Woodward's Bache Collection where it realized $37. For an esoteric gold coin offered only four years after its issuance, this was a substantial price. Yet, the Paquet Reverse received little in the way of publicity until the 1930s, and it was still unknown to many collectors as recently as the late 1940s to early 1950s. A number of S-mint examples were later found in Europe and, as more surfaced, the fame of the Paquet reverse grew. Today, the Philadelphia variant is recognized as one of the most significant gold rarities of the 19th century, and the San Francisco issue is heralded the rarest double eagle from the Western branch mint.

There appear to be no examples of the San Francisco Paquet twenty known that grade Uncirculated by today's interpretations. There may be as many as 16-20 known in About Uncirculated. The Paquet reverse is exceedingly rare in AU55 and only a handful of pieces are known in AU58. The certified population figures show nine NGC coins in near-Mint condition (one AU58+), and four so-graded PCGS examples (6/15). Yet, this issue is a favorite for resubmissions and the actual number of high-grade representatives is undoubtedly lower, not only in AU58, but also in the lower levels of the AU range. Recent auction prices realized confirm the ever-increasing demand for an extremely limited supply of coins. The most recent offering of an AU58 NGC coin was in lot 3900 of our November 2013 New York Signature sale, where it realized $176,250. In our April 2014 Central States Signature sale an equally graded PCGS coin garnered $223,250, a record realization for the issue. Without a doubt, high-end examples of this issue are more sought-after now than at any previous time in numismatic history.

This is a delightful example. Most of the original mint luster remains, although it is a bit thin in places where brief friction is observed. The obverse shows a few milling marks, not unusual for surviving examples of this issue. Curiously, the obverse is more noticeably abraded than the reverse, despite the fact that the obverse has the regular rim, as seen on all other double eagles. The rim normally offers some measure of protection to the interior devices from abrasions and circulation. The Paquet Reverse has a greatly reduced rim, and it was quickly discovered that this design flaw increased abrasions and friction from handling. What is particularly noteworthy about this piece (in addition to its high grade), is how clean and problem-free the reverse is. The strike is excellent as well, with the only notable softness seen around the peripheral stars on the obverse. Light pinkish-rose patina covers the softly frosted surfaces. A positively outstanding Paquet twenty.
Ex: FUN Signature (Heritage, 1/2002), lot 4033; FUN Signature (Heritage, 1/2004), lot 3110; FUN Signature (Heritage, 1/2008), lot 3312.(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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