Lot 1737
A Choice EF 45 1861-S $20 Gold Pacquet. PCGS graded EF-45. One of the classic rarities of the series, this beautiful EF 45 coin will excite the specialist. Smooth, even wear, and fewer bagmarks than usually encountered for the grade. The fields retain some luster, and the strike is complete and balanced. Free of annoying rim marks or other circulation problems, this coin will no doubt excite the experienced numismatist who appreciates such quality in the early double eagles.
The internal politics within the Philadelphia Mint continued unabated. Mint Director Snowden and others seemed to dislike J. B. Longacre, and actively worked to undermine his engravership position. One of these attempts was this new reverse die engraved by Anthony C. Paquet, the reverse letters were taller and more narrow than on the Longacre design. The new design was briefly accepted, but when a few were coined it was realized that there was insufficient room for the border, thus the design elements would wear quickly, and the Philadelphia Mint stopped production. Mint Director Snowden cabled the San Francisco Mint and asked them to use the old leftover dies rather than the new Pacquet reverse, but 19,250 had already been coined. These Pacquet reverse double eagles were released into circulation, along with the regular dies coins. In 1937 A. J. Fecht finally noticed the reverse die, and called it a pattern in The Numismatist 3/37 page 199. It wasn't until 1951 that the archives were examined and the story behind this reverse die came to light. Most of the survivors came from Europe and are heavily bagmarked.
This coin, with its pleasant surfaces will undoubtedly bring a strong price. None were offered in the October Bass Sale. The highest graded by PCGS is a mere AU 53, that represented by a single coin, with another dozen graded as AU 50. Certainly in the top 30 known, with the better ones only a notch higher. Don't wait for the first mint state one to turn up, because you probably won't ever find it. As nice for the variety as we've seen, and worthy of a strong bid.
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| Realized $13,513 |
