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1861-S $20 Paquet Reverse AU58 NGC....
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Sold on Aug 12, 2015 for:
$164,500.00
Bid Source: Internet bidder
Description
1861-S Paquet Reverse Twenty, AU58
Tied for Finest Graded
One-Year Design Subtype
1861-S $20 Paquet Reverse AU58 NGC. Ex: Duquesne. The 1861-S
Paquet Reverse double eagle is a coin that appears at the top rung
of the desirability ladder among Liberty Head twenties of all
dates, and it is definitely near the bottom of the availability
ladder. The presence of an 1861-S Paquet Reverse, along with that
of an 1854-O and an 1856-O, is the hallmark of a great collection
of Liberty twenties, and this marvelous consignment scores on all
counts. (Interestingly, the second edition of Garrett and Guth's
Encyclopedia of gold coins notes that the Smithsonian
Institution lacks an example of the 1861-S Paquet Reverse.)A small run of the 1861-S Paquet Reverse double eagles, some 19,250 pieces, were produced by the San Francisco Mint, followed by a plentiful mintage of 768,000 Normal Reverse 1861-S twenties. Apparently the two differing motifs were blended together and released into circulation with no notice or fanfare; Mint State examples are unknown to this day, making an AU58 piece such as the present coin the equivalent of an MS66 or MS67 for many other series that are less rare overall than the Type One Liberty Head twenties. To be more precise, NGC has seen a total of 10 submissions in AU58, and none are finer. PCGS numbers only four examples in AU58, again with none finer (4/15).
Although it is usually not thought of in this way, the Paquet Reverse seen on a few of the San Francisco and Philadelphia double eagles of 1861 also makes the design a one-year subtype -- and assembling a set by subtypes is certainly a method that many numismatists employ in collecting this long and challenging series.
German emigré Anthony C. Paquet was hired as an assistant engraver at the Philadelphia Mint in 1857, and it was 1859 before his first regular-issue U.S. coin design would debut, a rather modest effort involving a one-year-only redesign of the obverse hub for Philadelphia Mint (only) Seated Liberty half dimes. Early half dime researcher Daniel Valentine described the design in this way:
"The new hub is of slightly lower relief. The stars are sharper pointed and are hollow in the center. The face, hair and drapery show marked differences, the arms are slimmer, the Liberty cap small, the word LIBERTY on shield is larger, the bottom of the base less irregular and projects beyond the foot of Liberty."
As the half dime hubs were designed again in 1860, the 1859 Philadelphia half dimes are also a one-year-only design, as are the Paquet twenties. Although Paquet designed (and signed) many Mint medals during his tenure, it is more problematic identifying his pattern work for the Mint, as those pieces went unsigned. USPatterns.com writes of Paquet's work:
"Among patterns attributed to Paquet are certain cent dies circa 1858, pattern half dollars and $20 coins of 1859, several issues of the 1860s, and at least one 1877 half dollar, among others. Dies employing tall letters with thick uprights are often attributed to him, and in the case of certain 1859 half dollars and of the 1861 Paquet Reverse $20 this is correct. Others may have been from punches that Paquet made, but which were employed by different artists."
The curious, tall, narrow letter font that Paquet favored on this issue exhibits an archness, an unusual piquant, archaic air that is instantly identifiable by collectors familiar with the Liberty Head series. It was clearly not readily identified by the noncollecting public of the day, however, as most examples of the Paquet Reverse twenties circulated extensively. Today, most examples seen, including "raw" and impaired coins, grade Very Fine to Extremely Fine at best. The grade of the certified populations at NGC and PCGS combined, including only problem-free graded (obviously) examples, averages halfway between XF45 and AU50 with today's grading standards.
The present near-Mint State example is -- as has been already demonstrated -- tied for the finest graded with a total of 14 such at NGC and PCGS combined, or among 10 at NGC if PCGS is excluded. The surfaces on this piece display stunning originality through the combination of minimal abrasions, minor high-point wear, and excellent amber-gold color that prevails throughout both sides. A few ticks on Liberty's cheek and neck are completely consistent within the context of the grade. This piece is among the few finest available of this legendary issue, a coin that seldom appears at auction in so fine a grade.
The last example we offered in this exact grade and service was lot 3900 in our November Signature auction (Heritage, 11/2013), which realized $176,250. Specialists in Southern gold will not let this opportunity bypass them lightly.
From The Duquesne Collection.(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.
View all of [The Duquesne Collection (Liberty double eagles) ]
Auction Info
2015 August 12 - 16 ANA US Coins Signature Auction - Chicago #1223 (go to Auction Home page)
Auction Dates
August, 2015
12th-16th
Wednesday-Sunday
Bids + Registered Phone Bidders: 18
Lot Tracking Activity: N/A
Page Views: 2,153
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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