LOT Old Heritage Auctions  /  2008 Jan. FUN Signature Coin Auction #454  / 

3312

1861-S $20 Paquet AU58 NGC

Currency:USD Category:Coins & Paper Money / US Coins Start Price:130,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1861-S $20 Paquet AU58 NGC
<B>1861-S $20 Paquet AU58 NGC.</B></I> It is clear that this reverse variation was noted as early as 1865, as an 1861 Philadelphia Paquet Reverse double eagle was sold as lot 2818 in W.E. Woodward's Bache Collection where it realized $37, a significant sum in this era for an esoteric gold coin sold only four years after its issuance.<BR> 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/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, it is clearly recognized as the rarest double eagle from the San Francisco Mint. We believe this issue may still be undervalued when one considers its rarity and great story.<BR> There appear to be no pieces known that grade Uncirculated by today's interpretations. There may be as many as 16-20 known in About Uncirculated. The Paquet reverse is very rare in AU55 and extremely rare in AU58. <BR> At AU58, this piece is tied for honors as the finest known that we have ever handled with another AU58 NGC-certified piece that realized $149,500 in our April 2006 Central States auction (lot 4209). Most of the original mint luster still remains, although it is a bit thin in places. The obverse shows a few milling marks. 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.<BR><I>From The Madison Collection.</B></I><BR><BR><B>Coin Engraver:</B> James B. Longacre<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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