Heritage Auction Galleries : Coin Guide

1861 Paquet Reverse $20 Double Eagle

By Heritage Auction Galleries on Tuesday, February 5, 2008
Filed Under: Classic Rarities, Featured

Photos and descriptions used with permission and courtesy of Heritage Auction Galleries

Only three regular issue U.S. coins are unique. The 1870-S half dime, the 1873-CC No Arrows dime, and the 1870-S three dollar gold piece are each known by a single example. Next in line is the 1861 Paquet double eagle from the Philadelphia Mint. Once considered a pattern, this coin is clearly a regular issue double eagle. Some might consider the 1866 No Motto quarter and half dollar to be regular issue coins as well, although others consider these coins to be patterns. Others might point to individual die varieties of early U.S. coins that are unique, but among regular dates within the U.S. coinage series, just three issues are unique, and the 1861 Paquet twenty is next. This important rarity is absolutely necessary for a complete set of Liberty double eagles.

Just two examples are known. One of these is a Superb Gem and the other is lightly flawed, but both pieces represent one of the most important issues in the entire scope of U.S. numismatic history. Although a third example of the 1861 Paquet double eagle has been rumored, only two have been positively identified during the 145 years since they were struck.

The obverse is identical to the design created by James Longacre for the Liberty Head double eagle, which was introduced to regular issue coinage in 1850. In fact, the obverse die is from the same coinage hub that was introduced in 1859, a slight modification of the original hub. Anthony C. Paquet prepared a modified reverse design in 1860. The Paquet reverse is essentially a copy of the Longacre design, made from new letter punches that provide a taller and more compact appearance, leaving more space between words. The rays are closer to the lettering, providing more room for the oval of stars. The actual die field is slightly larger in diameter, with a narrower rim, and this was the downfall of Paquet’s design. Further die differences will be discussed below, along with some fascinating comparisons between the various issues. (more…)

1792 One Cent Pattern : Judd-2

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By Heritage Auction Galleries on Friday, January 25, 2008
Filed Under: Classic Rarities, Patterns

Photos and descriptions used with permission and courtesy of Heritage Auction Galleries

As time passes, the announcements of newly discovered numismatic rarities become fewer and farther between. The reason for this is obvious and requires no explanation. Imagine the excitement, then, on August 21, 2004, when a family from New York state walked into the ANA convention in Pittsburgh, Pennsylvania, with an extremely rare coin that was completely unknown to the numismatic community; a midgrade 1792 pattern cent, Judd-2. News of the discovery spread quickly at the convention and was even reported on a nationwide level by the mainstream media, mainly due to the financial value of the coin. But to coin collectors, dealers, and researchers, the historical significance of the piece transcended the potential market value, and the numismatic world rejoiced in the find. Until it was sold at auction in February 2005, it is believed the 1792 pattern cent had been in the same family since striking, although that claim cannot be definitively proven.

Oliver Wolcott Jr According to the family, the coin was kept in a Prince Albert tobacco tin with a small group of insignificant coins by their grandfather, who passed away in 1976, 200 years after America declared independence from Great Britain. What is certain is that the family members are direct descendants of a signer of the Declaration of Independence: Oliver Wolcott (December 1, 1726-December 1, 1797). According to the Rev. Charles Goodrich in his Lives of the Signers of the Declaration of Independence (1856), he was also an officer in King George’s War and the Revolutionary War, as well as the fourth governor of Connecticut. His son, Oliver Wolcott, Jr., eventually became a Connecticut governor as well but, more significantly to numismatists, was Secretary of the Treasury from 1795 to 1800 by the direct appointment of President George Washington. He was preceded in office by the first Secretary of the Treasury, Alexander Hamilton, who was instrumental in the establishment of the nation’s first Mint in 1792. By all rights, both Oliver Wolcott and Oliver Wolcott, Jr., were founding fathers and had direct ties to the first U.S. Mint.

The Mint Act of April 2, 1792, quickly laid the foundation for the nation’s coinage. Employees were hired and a building was erected, commencing July 31, 1792. But before the building was completed, the first patterns, half dismes, were produced. These tiny pieces were struck at John Harper’s workshop at the corner of Sixth and Cherry streets in Philadelphia from silver deposited by George Washington, according to an essay by Michael Berkman as found on uspatterns.com. By the end of September, the facility was completed and rudimentary minting equipment installed. Shortly thereafter, the disme patterns were struck, this time within the recently erected walls of the new Mint. Next came at least three different cent patterns, details of which, to this day, are not completely understood. Fortunately a letter penned by Thomas Jefferson to George Washington on December 18, 1792, exists to provide some basic yet succinct information regarding the nation’s first cent patterns: (more…)