Rare 1861 Paquet Reverse Double Eagle Fetches a Record $1.2 Million

1861 Paquet Reverse Double Eagle

This coin, popularised again as it recently sold for $1.2 million (about ₹10 crores) at auction for the 1861 Paquet Reverse Double Eagle, is back in the limelight. The design of this rare coin is quite unique and the association with historical significance in American coinage. Let’s know more about this coin.

1861 Paquet Reverse Double Eagle is a historical feature.

In 1861 Anthony C. Paquet, assistant engraver at the U.S. Mint, redesigned the reverse of the Liberty Head Double Eagle . They wanted to make the coin more beautiful and easier to mint. But the readability of the lettering of this design was brought to question, which meant this design saw action for a short period.

Minting and Rarity

Minted in Philadelphia and San Francisco, Paquet Reverse design coins were made.

Mint Location	Estimated Mintage	Estimated Survivors
Philadelphia	Limited	2
San Francisco	Limited	Approximately 200

Coins minted by the Philadelphia Mint are very rare. Only two such coins are known.
There are still about 200 coins that were minted from the San Francisco Mint.

For that reason, this coin is quite popular with collectors.

Auction Details

One recently auctioned for $1.2 million was a 1861 Paquet reverse double eagle struck from the Philadelphia Mint. The Professional Coin Grading Service (PCGS) certified this coin to MS-67 grade.
This is an almost new coin referred to as a MS-67 grade.
They were able to sell it for such heights because of its super good condition and historical significance.

1870-S Seated Liberty Dollar

Reasons for Pricing

There are several reasons behind the high price of the 1861 Paquet Reverse Double Eagle:

1. Rarity

It is in high demand, as one of only two known coins from the Philadelphia Mint.

2. Historical Significance

This is a small but important part of an American design experiment. But since it was designed in turbulent 1861 (the Civil War), the design not only holds value from history, but is even more valuable.

3. Excellent Condition

MS-67 is extremely rare for a coin to be graded. Such coins are extremely attractive to the collector.

Rare Coins Similar to Others in Many Ways

The 1861 Paquet Reverse Double Eagle is among the other rare coins in the category of:

1933 Double Eagle: At auction, this coin sold up to $18 million.
1794 Flowing Hair Dollar: The $12 million first U.S. silver dollar.

The price of rare coins can well exceed this amount thanks to their past and the condition.

Investment Considerations

Investing in rare coins like the 1861 Paquet Reverse Double Eagle can be profitable, but there are a few things to keep in mind:

Authenticity Check

Get authenticated with the original coin by using certified grading services like PCGS or NGC.

Watch Market Trends

This is for a study of the coin’s market value in order to buy or sell at the right time.

Ownership History

The provenance of a coin–the history of its ownership–can help it be more valuable.

Conclusion

The U.S. coin history is incomplete without the Paquet Reverse Double Eagle of 1861. But it has more appeal to collectors and investors after its recent auction for $1.2 million. The coin is not just a historical heritage, but also a very yielding investment.

FAQs

Q.1 How is the Paquet Reverse design different from others?

A. This design lettering was altered to make the coin more beautiful and to make it easier to mint.

Q.2 Why did the Paquet Reverse decide to be discontinued?

A. This design was discontinued owing to concerns regarding readability of the lettering.

Q.3 Today, how many such coins could exist?

A. The two coins from his Philadelphia Mint, and about 200 from the San Francisco Mint, are known.

Q.4 Why is this coin so expensive?

A.Its high price is due to its rarity, historical significance, all its excellent condition