The 1861 Paquet Reverse Double Eagle, a numismatic rarity, recently garnered significant attention by selling for $1.2 million at auction. This exceptional coin, distinguished by its unique reverse design, holds a remarkable place in U.S. coinage history.
Historical Significance
In 1861, Assistant Engraver Anthony C. Paquet introduced a modified reverse design for the Liberty Head Double Eagle. The intent was to enhance the coin’s aesthetic appeal and improve the striking process. However, concerns arose regarding the legibility of the modified lettering, leading to the suspension of the design after limited production.
Mintage and Rarity
The Paquet Reverse design was minted in two primary locations: Philadelphia and San Francisco.
| Mint Location | Estimated Mintage | Estimated Survivors |
|---|---|---|
| Philadelphia | Limited | 2 |
| San Francisco | Limited | Approximately 200 |
The Philadelphia-minted coins are particularly scarce, with only two known specimens, making them highly sought after by collectors.
Auction Details
In a recent auction, an 1861 Paquet Reverse Double Eagle from the Philadelphia Mint was sold for $1.2 million. This coin, graded MS-67 by the Professional Coin Grading Service (PCGS), is among the finest known examples. Its exceptional condition and historical importance contributed to its substantial auction price.
Factors Influencing Value
Several factors contribute to the high value of the 1861 Paquet Reverse Double Eagle:
- Rarity: The extremely limited number of surviving specimens, especially from the Philadelphia Mint, elevates the coin’s desirability.
- Historical Context: As a product of a brief design experiment during a tumultuous period in U.S. history, the coin holds significant historical interest.
- Condition: Coins in superior condition, such as the MS-67 graded specimen, command higher prices due to their exceptional preservation.
Comparison with Other Rare Coins
The 1861 Paquet Reverse Double Eagle stands alongside other notable numismatic rarities. For instance, the 1933 Double Eagle, another highly coveted coin, has fetched prices upwards of $18 million at auction. Similarly, the 1794 Flowing Hair Dollar, believed to be among the first silver dollars minted by the U.S., has realized over $12 million.
Investment Considerations
For collectors and investors:
- Authentication: Due to the coin’s rarity and value, ensuring authenticity through reputable grading services like PCGS or NGC is crucial.
- Market Trends: Staying informed about numismatic market trends can aid in making informed investment decisions.
- Provenance: A well-documented ownership history can enhance a coin’s value and appeal to collectors.
The 1861 Paquet Reverse Double Eagle is a testament to the rich tapestry of U.S. coinage history. Its recent $1.2 million auction sale underscores its significance and enduring allure among collectors and investors alike.
FAQs
What distinguishes the Paquet Reverse design?
The Paquet Reverse features modified lettering intended to improve the coin’s appearance and striking efficiency.
Why was the Paquet Reverse design discontinued?
Concerns about the legibility of the new lettering led to the design’s suspension after limited production.
How many 1861 Paquet Reverse Double Eagles exist today?
Approximately two from the Philadelphia Mint and around 200 from the San Francisco Mint are known to survive.
What factors contribute to the coin’s high auction value?
Its rarity, historical significance, and exceptional condition are primary factors influencing its substantial value.
How can I verify the authenticity of an 1861 Paquet Reverse Double Eagle?
Submitting the coin to reputable grading services like PCGS or NGC can ensure its authenticity and provide a certified grade.
