The 1861 Paquet Reverse Double Eagle, a legendary rarity in U.S. coinage, recently captivated the numismatic world when a specimen sold for an astonishing $1.2 million at auction. Renowned for its unique reverse design and fascinating historical significance, this coin represents a cherished chapter in American coinage history.
Historical Significance
In 1861, Anthony C. Paquet, Assistant Engraver at the U.S. Mint, introduced a redesigned reverse for the Liberty Head Double Eagle. This modification sought to enhance the coin’s aesthetic appeal and improve minting efficiency. However, concerns over the legibility of the revised lettering led to the design being discontinued after limited production.
Mintage and Rarity
The Paquet Reverse Double Eagle was minted in two locations: Philadelphia and San Francisco. The rarity of these coins makes them among the most coveted by collectors.
| Mint Location | Estimated Mintage | Estimated Survivors |
|---|---|---|
| Philadelphia | Extremely Limited | 2 Known Specimens |
| San Francisco | Extremely Limited | Approximately 200 |
The Philadelphia-minted coins are particularly rare, with only two confirmed examples, making them some of the most desirable coins in numismatic history.
Auction Highlights
A Philadelphia-minted 1861 Paquet Reverse Double Eagle recently achieved a record-breaking sale price of $1.2 million at auction. Graded MS-67 by the Professional Coin Grading Service (PCGS), this coin is one of the finest examples known to exist. Its exceptional condition, paired with its historical and numismatic significance, drove its impressive auction price.
Factors Driving Value
Several factors contribute to the extraordinary value of the 1861 Paquet Reverse Double Eagle:
- Rarity: The extremely low survival rate, particularly of Philadelphia specimens, makes this coin a prized possession.
- Historical Context: As a product of a brief and experimental design during the early years of the Civil War, the coin carries immense historical intrigue.
- Condition: The auctioned coin’s MS-67 grade reflects its exceptional state of preservation, significantly enhancing its market value.
Comparison to Other Numismatic Rarities
The 1861 Paquet Reverse Double Eagle joins the ranks of America’s most iconic coins:
- 1933 Double Eagle: Famed for its turbulent history, it fetched over $18 million at auction.
- 1794 Flowing Hair Dollar: Believed to be one of the first U.S. silver dollars minted, it has sold for more than $12 million.
While these coins often command higher prices, the 1861 Paquet Reverse’s unique story and extreme rarity place it in a league of its own.
Investment Considerations
Collectors and investors should consider the following when dealing with coins of this caliber:
- Authentication: Rely on reputable grading services like PCGS or NGC to ensure authenticity and proper valuation.
- Market Trends: Monitor the numismatic market for insights into pricing and demand.
- Provenance: A documented history of ownership adds value and credibility to rare coins.
Conclusion
The 1861 Paquet Reverse Double Eagle is more than just a rare coin; it’s a symbol of American history, artistry, and innovation. Its $1.2 million sale highlights its enduring appeal to collectors and investors alike. For those fortunate enough to own or encounter such a piece, it represents an extraordinary link to the rich legacy of U.S. coinage.
FAQs: The 1861 Paquet Reverse Double Eagle
1. What is the 1861 Paquet Reverse Double Eagle?
The 1861 Paquet Reverse Double Eagle is a rare $20 gold coin featuring a modified reverse design created by Assistant Engraver Anthony C. Paquet. The design was briefly used in 1861 but was discontinued due to concerns about the legibility of its lettering.
2. Why is this coin so rare?
The coin was minted in limited quantities before production was halted. Only two specimens from the Philadelphia Mint are known to exist, along with approximately 200 coins from the San Francisco Mint, making it one of the rarest coins in U.S. numismatic history.
3. How much did the 1861 Paquet Reverse Double Eagle sell for?
A Philadelphia-minted specimen, graded MS-67 by PCGS, recently sold for $1.2 million at auction due to its rarity, condition, and historical importance.
4. What is the significance of the Paquet reverse design?
The Paquet reverse was introduced to enhance the coin’s aesthetic and improve minting efficiency. However, the design was quickly discontinued, making it a short-lived yet historically significant experiment in U.S. coinage.
5. How does the rarity of the Philadelphia and San Francisco coins compare?
- Philadelphia Mint: Only two known examples exist, making them incredibly rare and highly valuable.
- San Francisco Mint: Approximately 200 coins are believed to have survived, still rendering them highly sought after by collectors.
6. What factors influence the value of this coin?
- Rarity: Extremely low mintage and survival rates drive its desirability.
- Historical Context: Its unique place in the Civil War-era history of U.S. coinage adds to its allure.
- Condition: Coins in superior preservation, like the MS-67 specimen, command premium prices.
7. How does the 1861 Paquet Reverse compare to other rare coins?
It holds a prestigious place alongside:
- 1933 Double Eagle, which sold for over $18 million.
- 1794 Flowing Hair Dollar, valued at over $12 million.
While the 1861 Paquet Reverse typically sells for less, its rarity and unique history make it equally iconic.
8. What should collectors consider when investing in such coins?
- Authentication: Ensure the coin is verified by reputable grading services like PCGS or NGC.
- Market Trends: Stay informed about numismatic demand and pricing.
- Provenance: A well-documented ownership history enhances value and appeal.
9. Are there any known counterfeit risks with this coin?
Yes, due to its rarity and value, counterfeits may exist. It’s crucial to buy only from trusted dealers and have the coin authenticated by established grading services.
10. What makes the 1861 Paquet Reverse Double Eagle a good investment?
Its unparalleled rarity, fascinating historical background, and steady demand among collectors make it a valuable addition to any numismatic portfolio. However, due diligence is essential when investing in such high-value coins.
11. Can the public view these rare coins?
Occasionally, examples of the 1861 Paquet Reverse Double Eagle are displayed at auctions, coin shows, or private collections. Some may also appear in museum exhibits focused on U.S. coinage history.