PCGS Grades Rare Double Eagle Coin

For more than a decade, “Kota” Saint Jovite Youngblood has been working in the collectibles and wholesale antiques industry. He spent three years serving as the general manager of Miracle Mile Coins in California and he currently serves as the president of Youngblood Metals Mining. An active member of the professional community, Saint Jovite Youngblood belongs to PCGS.

Professional Coin Grading Services (PCGS) has been the leading coin certification service in the United States for more than three decades. One of the rare gold coins that the organization has graded is the 1861 Philadelphia Mint Paquet Reverse Double Eagles. Earning a grade of MS67, the coin is insured for $8 million and was once owned by Egypt’s King Farouk.

The 1861-P Paquet Double Eagle is the rarest of all U.S. Double Eagle coins. It was originally thought that the coin’s appearance was due to a unique pattern. Experts later discovered that the coin was meant for circulation, but, upon the discovery of a defect in the dies, was melted down. Only two known examples survived.

Based on PCGS research, the graded coin was sold in 1865 for around $37 at the Woodward Sale. By this time, it had been four years since the design was originally minted. 

Records show that the coin was later sold for an undisclosed amount to Larry Lee, the president of Coin and Bullion Reserves in Florida. Courtesy of Lee, the rare coin made its first public appearance on the West Coast in mid-February. It was part of the Long Beach Expo and was available for viewing at the PCGS booth.