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1861-S $20 Paquet AU58+ NGC....
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Sold on Jan 4, 2018 for:
$144,000.00
Bid Source: HA.com/Live bidder
Description
1861-S Paquet Reverse Twenty, AU58+
Finest Graded at Either Service
Important One-Year Design Subtype
1861-S $20 Paquet AU58+ NGC. In early 1861, the San
Francisco Mint was busy striking 1861-S double eagles, and it was
business as usual using new dies that had been furnished by the
Philadelphia Mint. Four sets of double eagle dies arrived near the
end of 1860 with a modified reverse design. Among other changes,
the reverse legends had tall, narrow letters -- an effort to
alleviate excessive die cracking that was common on the previous
regular dies.Some adjustments were needed to accommodate the slightly wider reverse 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."
At the Philadelphia Mint, virtually all of the "new reverse" double eagles were recalled and melted, creating a pair of legendary American gold rarities, the P-Mint Paquet twenties. Just two of those pieces are confirmed to this day. The collecting community was well aware of the ultra-rare Philadelphia Paquet pieces, with an early appearance of one in W. Elliot Woodward's 1865 sale as lot 2818 of the Bache, Bertsch, et al collections.
Far away in West Coast commerce, there was no inkling of rarity, or even any awareness of the rescinded new design. Even now, 1861-S Paquet Reverse coins seem plentiful in comparison to the Philadelphia rarities, yet they remain the rarest of all San Francisco double eagles, with only about 200 pieces known in all grades. No full Mint State coins exist -- all circulated to one extent or another. Most of the original mintage succumbed to attrition. Their existence was neither known nor of numismatic concern until a brief acknowledgement of them appeared in the 1895 numismatic literature, 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. The reverse was strangely different than normal, and it was deemed a San Francisco "pattern" (as if such a thing was even possible). An early lot description of a different specimen appeared in the February, 1944 B. Max Mehl sale of the Belden-Roach Collection, which did little to dispel the confusion:
Lot No. 206
The Excessively Rare 1861 $20.00 Gold
With "Pattern" Reverse
1861 $20.00, S Mint. The obverse is the same as the regular issue, but the reverse is of an entirely different die. The Mint letter S is small and is placed between NT of TWENTY. The stars above the eagle are arranged entirely differently, the upper row barely touching the edges of the rays, while on the regular issue the upper row of stars are in the rays. The arrows are long. But the most significant difference is in the legend, the letters are much larger and taller and closer together. The U in UNITED and the last A in AMERICA are above the curicules. Extremely fine. Excessively rare. I know of one other specimen, which was offered for $1,000.00.
Today, we know that the 1861-S Paquet Reverse double eagles are clearly regular-issue coins, not patterns or experimental pieces. They are the only attainable examples of the subtype for collectors.
The present coin is, by virtue of the Plus designation, the finest all known examples. While nearly all of the 1861-S Paquet Reverse twenties are a bit scuffy in appearance, this lightly abraded example is less-so than others and flashes nearly full mint luster across both sides. The high-end, yellow-gold surfaces are sharply struck for the issue and the eye appeal is exceptional. The combined PCGS and NGC population in near-Mint AU58 condition totals just 15 coins, and this is sole Plus-graded piece among them. None are finer at either service. NGC Census: 10 in 58 (1 in 58+), 0 finer (11/17).(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
2018 January 3 - 8 FUN US Coins Signature Auction - Tampa #1271 (go to Auction Home page)
Auction Dates
January, 2018
3rd-8th
Wednesday-Monday
Bids + Registered Phone Bidders: 15
Lot Tracking Activity: N/A
Page Views: 982
Buyer's Premium per Lot:
20% of the successful bid per lot.
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