The 1861 Coronet Head Gold $20 Double Eagle: Paquet Reverse is one of the most fascinating coins in American numismatic history. Known for its rarity and distinct design, this coin is a sought-after gem for collectors. The story of its origin and limited production adds an extra layer of intrigue, making it a must-know piece for anyone interested in U.S. coinage.
The Story Behind the 1861 Double Eagle: Paquet Reverse
In 1861, at the dawn of the Civil War, Augustus Saint-Gaudens had not yet revolutionized U.S. coin designs, but artists like Anthony Paquet were already leaving their mark. Paquet, an assistant engraver at the U.S. Mint, introduced modifications to the reverse (back) of the $20 Coronet Head Double Eagle.
His changes included:
- Slimmer Lettering: The inscriptions were more refined, with narrower and taller letters than on the standard design.
- Revised Rim: The rim of the coin was reduced, creating a sleeker overall look.
Minting Locations and Quantities
The 1861 Coronet Head Double Eagle: Paquet Reverse was struck at two mints:
- Philadelphia Mint: Approximately two coins were minted as prototypes.
- San Francisco Mint: A small production run of about 19,250 coins was struck and released into circulation before the design was halted.
The limited mintage makes the San Francisco version one of the rarest coins of the 19th century. Meanwhile, the Philadelphia prototypes are legendary, with one residing in the Smithsonian Institution.
What Makes the Paquet Reverse Special?
Several factors contribute to the allure of this coin:
- Rarity: With fewer than 20,000 coins minted and only a fraction surviving today, the Paquet Reverse is a rarity in the numismatic world.
- Historical Significance: Struck during the first year of the Civil War, the coin reflects a turbulent period in American history.
- Design Distinction: Paquet’s reverse design sets this coin apart from other Coronet Head Double Eagles, making it instantly recognizable to collectors.
- High Value: Due to its rarity and historical importance, this coin commands impressive prices at auctions.
How to Identify an 1861 Paquet Reverse Double Eagle
Spotting a genuine 1861 Paquet Reverse Double Eagle requires a keen eye and some knowledge. Look for:
- Slim and Tall Lettering: Compare the inscriptions on the reverse to a standard Coronet Head Double Eagle. The Paquet design features distinctive lettering.
- Reduced Rim: The edge of the coin appears narrower compared to the standard design.
- Mintmark: If the coin was struck in San Francisco, it will feature an “S” mintmark below the eagle.
Authentication by a reputable grading service like PCGS or NGC is essential, as counterfeits of this rare coin exist.
Value and Market Trends
The value of the 1861 Paquet Reverse Double Eagle depends on its condition and provenance.
- San Francisco Mint Examples: These coins typically sell for $50,000 to $100,000 in circulated grades. High-grade examples can fetch upwards of $200,000.
- Philadelphia Prototypes: As unique specimens, these coins are essentially priceless. The one held in private hands last sold for several million dollars.
Market demand for rare Civil War-era coins ensures that the Paquet Reverse continues to appreciate in value.
Collecting Tips for the Paquet Reverse
- Verify Authenticity: Due to its value, this coin is frequently counterfeited. Always purchase from trusted dealers or auction houses.
- Understand Grading: Even minor differences in grade can significantly impact the coin’s value.
- Invest in Insurance: If you acquire an 1861 Paquet Reverse, protect your investment with appropriate insurance.
Conclusion
The 1861 Coronet Head Gold $20 Double Eagle: Paquet Reverse stands out as a rare and historically significant coin. Its unique design, limited production, and Civil War-era origins make it a treasure for collectors and a testament to the artistry of U.S. coinage. Whether you’re a seasoned numismatist or an investor in rare coins, this piece is a shining star in any collection.
FAQs
1. Why was the Paquet Reverse design discontinued?
The Paquet Reverse design was discontinued due to concerns over the coin’s durability and stacking issues.
2. How many 1861 Paquet Reverse Double Eagles still exist today?
Of the approximately 19,250 coins minted at the San Francisco Mint, only a few hundred are believed to survive.
3. What is the current value of an 1861 Paquet Reverse Double Eagle?
The value depends on the coin’s grade and provenance. San Francisco-minted examples in circulated condition typically sell for $50,000 to $100,000, while high-grade specimens can exceed $200,000.