Featured Coin- 1861 Paquet Reverse Double Eagle
At one time, this incredibly rare coin was considered a Pattern or experimental issue. It has been shown, however, to be a regular issue United States coin struck for general circulation. In 1860, Anthony Paquet, an engraver at the Philadelphia Mint, modified the reverse design for the double eagle. The new design is very similar to the standard issue, but the reverse letters are much taller and slender in appearance. There are also several technical variations with regard to the positioning and size of the lettering. In late 1860, the Paquet Reverse became the standard design that was adopted for the regular issue coinage of 1861 double eagles. Dies were shipped to the branch mints of New Orleans and San Francisco. Actual coinage on high-speed presses began in January of 1861 in Philadelphia. It was feared that the wider fields and narrow rim would cause breakage of the dies, so the use of planchet dies was discontinued. However, those dies that were used for coinage experienced no problems at all, proving their withdrawal was unnecessary.
Mint Director James Ross Snowden recalled the new design and ordered the melting of the 1861 double eagles made at the Philadelphia Mint. The entire Philadelphia run was destroyed, with the exception of a few coins. Snowden also ordered production to cease in New Orleans and San Francisco. The order reached New Orleans in time to prevent any coinage. Because the transcontinental railroad was still several years from completion, and the telegraph did not extend past St. Joseph, Missouri, word to stop coinage did not reach San Francisco until 19,250 coins had been struck. Charles H. Hempstead, Superintendent of the San Francisco Mint, replied to the instructions on February 9, 1861: “I was unable to prevent the striking and issuing of a large number of double eagles, coined with the new dies.” No effort was made to recall the issue.
The 1861 Paquet Reverse double eagle has been a known rarity since nearly the year it was struck. Today, just two examples of the Philadelphia mintage are known of this extremely rare coin. For many years, it was not certain if this coin was a pattern or a regular issue United States gold coin. Modern research has proven the legitimacy of this fabled rarity. Another stumbling block to the popularity of this great coin is the fact that only very rarely has examples traded hands. With the explosion of interest in United States double eagles, the 1861 Paquet Reverse double eagle is now held in the same regard as the great classics of the United States series. Of the 1861-S version made in San Francisco, several hundred exist.
Designed by James B. Longacre. The obverse features a portrait of a Coronet Liberty Head facing left and is surrounded by 13 stars. The reverse features an outspread eagle and shield design. Mintage for this issue is unknown.
Standards:
- Weight: 33.436 grams.
- Composition: 90% gold, 10% copper.
- Diameter: 34 mm.
- Net weight: .96750 oz. pure gold.
- Edge: Reeded.
Rarity: Only two examples are known from the Philadelphia Mint. One coin, a PCGS MS61, was part of the Dallas Bank Collection sold by Sotheby’s and Stack’s in 2001. That coin was discovered in Paris in the 1970s. It has been reported to have traded hands privately in recent years for $2,500,000. The other surviving example is Gem Uncirculated and traces its pedigree to 1865 (when the coin was sold by W. Elliot Woodward for $37). The coin subsequently resided in many famous collections, among them those of Ambassador and Mrs. R. Henry Norweb, King Farouk, and Colonel E.H.R. Green.
Source: 100 Greatest U.S. Coins, 2nd Edition by Jeff Garrett and Ron Guth.