Rare 1861 Paquet Reverse Double Eagle Sells for $1.2 Million at Auction

1861 Packet Reverse Double Eagle: A $1.2 million rare coin makes history at auction.

Key Subheadings:

• Historical Significance
• Minting and Rarity
• Auction Details
• Factors Affecting Price
• Comparison with Other Rare Coin
• Collection and Investment Consideration

Historical Significance

The 1861 Packet Reverse Double Eagle is one of few coins in the history of American coins. This coin represents the development of the ‘American currency system’ and the experiments in design. Assistant Gravier Anthony C. Packet revised the reverse design of the Liberty Head Double Eagle in 1861. One was to make the coin more beautiful, and the other was to make the striking process easier.

But the letters of the new design were a concern, as a result of which the design never entered mass production and was quickly dropped.

Minting and Rarity

The Philadelphia and San Francisco Mint primarily produced the design of the coin. Coins minted at the Philadelphia Mint are very rare indeed. It is so rare that only two such coins are known and are very collectable today.

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

Auction Details

A packet reverse double Eagle from the Philadelphia Mint sold at a recent auction for $1.2 million. One of the finest known, this coin is graded MS-67 by PCGS (Professional Coin Grading Service). As it turned out, its excellent condition and historical significance made that a well earned price.

Factors Affecting Price

• The major factors influencing the high price of the 1861 Packet Reverse Double Eagle are:
• Rarity: Since the surviving specimens are still limited to the Philadelphia Mint, this coin is highly sought after.
• Historical Context: This is a design experiment for a difficult time in American history.
• Condition: In better condition coins, such as this specimen with an MS-67 grade, sell for more.

Despite the rarity of coins, they still need to be compared to other rare coins.

Along with other rare coins, the 1861 Packet Reverse Double Eagle joins the 1933 Double Eagle and the 1794 Flowing Hair Dollar. At auction, prices for the 1933 Double Eagle have topped $18 million. As is the case with the 1794 Flowing Hair Dollar commonly known as the first American silver dollar, it has gone for over $12 million.Rare 1861 Paquet Reverse Double Eagle, a numismatic treasure, fetches $1.2 million at auction, showcasing its historical significance.

Considerations related to Collecting and Investment

Collectors and investors should note the following:

Authenticity: The rarity and value of this coin means that if you have it authenticated by a reputable grading service such as PCGS or NGC.

Market Trends: Investing always requires keeping up with market trends and the numismatic market is no exception.

Ownership History: The ownership of a coin over time can make a record of it turn into a reason for a better price and better collector appeal.

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