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

Description

1861-S Paquet Reverse Double Eagle, AU58
Near the Condition Census

1861-S $20 Paquet AU58 NGC. The Paquet Reverse twenties struck in 1861 at the Philadelphia and San Francisco Mints are among the most famous and sought-after coins in the Liberty double eagle series. Anthony Paquet's reverse differs from the Longacre design in several ways, but most notable are the tall, thin style of letters used for the peripheral legends. Additional changes mainly focus on the eagle motif, liberating the tailfeathers from the flanking ribbons and allowing the circle of stars above the eagle to reside beneath the rays rather than be embedded in them. However, another chief attribute of Paquet's double eagle reverse is that the design encompasses a greater portion of the planchet area, thinning down the rims. This was noted by in a directive from the Philadelphia Mint when the dies were shipped to San Francisco on December 10, 1860:

"The reverse dies of the double eagle are from a new original die presenting a larger face for the device without changing the diameter of the piece. They will require a slight change in the milling to suit the border."

Working dies for Paquet's reverse were also shipped to New Orleans, and were prepared for use in Philadelphia; however, no coinage of the design occurred at the Southern facility, and almost all of the coins struck in Philadelphia were melted. It is believed that the milling problems noted in December proved to be more difficult to overcome during initial coinage at Philadelphia than had been expected, and Mint Director James Ross Snowden ordered the suspension of coinage with the new dies. Notice of the die recall reached New Orleans before coinage of double eagles occurred, but the message failed to reach San Francisco until early February. In a February 9, 1861 reply to Snowden, San Francisco Mint Superintendent Charles H. Hempstead, noted: "I was unable to prevent the striking and issuing of a large number of double eagles, coined with the new dies."

The "large number of double eagles" referenced totaled 19,250 Paquet twenties. No effort was made to recall the coins, and they entered West Coast commerce as normal, where they slowly disappeared with attrition and exports. Today, likely fewer than 100 1861-S Paquet double eagles are known. The sole finest example is an MS62 coin in the D.L. Hansen Collection, and a cleaned Unc Details coin is known, but save for these, the finest examples of the issue available to collectors are AU58 coins, of which at least a dozen specimens are known. The roster below enumerates the finest pieces extant along with a sampling of the AU58 population.

This near-Mint coin is fresh to the market. Ample luster glistens in the fields, with just minimal evidence of handling rub in the open areas and over the design elements. Abrasions are also surprisingly minimal; most 1861-S Paquet twenties we have seen have been heavily bagmarked, but not so with this example. Eye appeal and technical quality display equal measure across each side. For the advanced Liberty double eagle collector, this high-end Paquet twenty will be a landmark acquisition.

Roster of Significant 1861-S Paquet Reverse Double Eagles
1. MS62 PCGS. D.L. Hansen Collection. Prior provenance unknown.
2. Unc Details -- Cleaning -- PCGS Genuine. Rarities Sale (Stack's Bowers, 8/2016), lot 3491, $105,750.
3. AU58+ PCGS. Nicholson Family Collection (Stack's, 6/1967), lot 219; James Dines Collection (Stack's, 3/1969), lot 868; Paul Nugget, sold privately via the Goliad Corporation on 9/24/1987; Harry W. Bass, Jr. Foundation Collection (HBCC# 1037); Harry W. Bass, Jr. Collection, Part II (Heritage, 1/2023), lot 9065, realized $312,000.
4. AU58+ NGC. FUN Signature (Heritage, 1/2018), lot 5109, $144,000.
5. AU58 PCGS. Pre-Long Beach (Goldberg Auctions, 6/2005), lot 1075, $134,550; Ohringer Family Trust Holdings, Part II (Goldberg Auctions, 9/2008), lot 1286, $166,750; AWA Collection; D.L. Hansen Collection.
6. AU58 PCGS. Central States Signature (Heritage, 4/2006), lot 4209, $149,500.
7. AU58 PCGS. FUN Signature (Heritage, 1/2009), lot 4145, $149,500; Charles G. Wright Family Collection (Heritage, 4/2014), lot 5807, $223,250.
8. AU58 PCGS. H. Jeff Browning "Dallas Bank" Collection (Sotheby's/Stack's, 10/2001), lot 31, $40,250; El Dorado Collection (Stack's Bowers, 6/2014), lot 2629, $188,000.
9. AU58 NGC. The present coin.
10. AU58 NGC. Recovered from the wreck of the S.S. Republic; Galt's Gulch Collection / FUN Signature (Heritage, 1/2012), lot 5039, $184,000.(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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