1861-S Liberty Head Double Eagle. Anthony C. Paquet Reverse. AU-53 (PCGS).

This is a monumental rarity in the Liberty Head double eagle series, representing a collision of medallic philosophy and economic practicality. Considerable satiny luster blooms from around the design elements across both sides, complementing the dominant golden-apricot hue. The strike is sharp and generally uniform, rendering bold devices with just a trace of friction. Surface preservation is exceptional for an issue that is usually offered well worn, if not also impaired. We see only a few wispy hairlines, and small handling marks that are easily overlooked. As attractive as one is likely to find in a lightly circulated example of this elusive rarity, and worthy of the strongest bids. Believed to be the son of bronze worker Toussaint Francois Paquet, Anthony C. Paquet was born in Hamburg, Germany on December 5, 1814, and arrived in Philadelphia in 1848. In the mid 1850s, Paquet opened an engraving business in New York, during which time he is believed to have struck several medals, apparently all unsigned, except for THE ROCKY MOUNTAINS ECHO BACK FREMONT campaign medal. In early 1857, Paquet took up contract work for the Philadelphia Mint before finally being hired as an assistant engraver. His projects at the Mint were mostly pattern coins, once again unsigned, including a fascinating copper double eagle pattern, Judd-257. By far his most well known work is the United States military's highest decoration for valor, the Medal of Honor instituted by President Abraham Lincoln on July 12, 1861, the pattern for which bears Paquet's script signature on the obverse. He is also thought to have prepared a set of letter punches that were used on several patterns. To this day, the reverse dies he prepared for the 1861 double eagles remain the only coin designs that have been positively attributed to Paquet, who left the Mint in 1864 and returned to private business, though he continued to take on government work periodically. Anthony Paquet died in Philadelphia in 1882. One of the defining features of Paquet's double eagle reverse is the tall and thin logotype style he preferred, as compared to the rather squat font employed by Chief Engraver James Barton Longacre. The most readily apparent diagnostic between the Paquet reverse and the regular Longacre reverse may be found with the letter O in OF. The Paquet logotype has an extremely thin space between the uprights on the letter, while Longacre's is significantly wider and much more of a circle. Another defining indicator is how the central halo of stars above the eagle interacts with the rays; they are separate on the Paquet reverse but are nestled in with the rays on the Longacre reverse dies. Paquet prepared four sets of dies using his distinctive lettering for use at the Philadelphia Mint, as well as the branch mints at New Orleans and San Francisco. In early December the dies were shipped to San Francisco, and to New Orleans a few days later, along with a note instructing the coiner that they "will require the modification of the milling to suit the border." On January 5, 1861, production with the new reverse dies began at the Philadelphia Mint and was almost immediately halted after concerns were raised that the narrow rim of the reverse design would lead to poor wearing characteristics. Mint Director James Ross Snowden sent directives to New Orleans and San Francisco to cease use of the new dies and return to using the original Longacre dies. New Orleans received this message with ample time for the branch mint's officials to withdraw the new dies from service and no 1861-O double eagles were struck with the Paquet reverse. The story was different with the directive sent to San Francisco. Messages sent to the West Coast required both telegraph and overland express and took a very long time to reach their destination. Snowden's directive did not reach the San Francisco Mint until early February, and only after 19,250 double eagles with Paquet's reverse were struck and subsequently issued before the cease order could be implemented. Only two confirmed examples of the Philadelphia Mint Paquet Reverse double eagle are known, making it one of the greatest American numismatic rarities. The 1861-S Paquet Reverse exists in somewhat larger numbers. With estimates ranging from as few as 100 coins to nearly 275 surviving examples it is still one of the rarest and most coveted Liberty Head double eagles. As with many early products of the San Francisco Mint, most examples were released into commerce, stayed there, and saw heavy use. The typical survivor is well worn, if not also impaired, and to this day, not a single problem free Mint State example has been confirmed by PCGS or NGC. As a supremely attractive and unusually problem free AU, the coin offered here would serve as a highlight in the finest double eagle set.

PCGS# 8936. NGC ID: 269L.

PCGS Population: 15; 12 finer (AU-58+ finest). There are also no Mint State examples certified by NGC.

Estimate: $ 75000