The new owner of a $1.6 million Paquet reverse double eagle will publicly display the coin starting in January 2007 at the Florida United Numismatists convention.
Adam Crum, vice president of Monaco Rare Coins of Newport Beach, Calif., was the winning bidder for the 1861 Philadelphia Mint ?Paquet Reverse? double eagle at the Heritage Auction Galleries sale in Denver, Colo., Aug. 14.
In the photo: Crum holds the 1861 Paquet reverse double eagle he purchased for $1.6 million.
?This is a spectacular rarity, one of only two known and the fourth-rarest, U.S.-minted coin,? Crum said. ?There?s a lot of intrigue about why they stopped minting them. Given the strength of the coin market and this coin?s rarity, I was prepared to pay more.?
The coin is one of only two known surviving examples of $20 denomination double eagle gold pieces specially made at the Philadelphia Mint in 1861. It is graded MS-61 by Professional Coin Grading Service.
Nearly 3 million double eagle gold pieces were struck in 1861 in Philadelphia, but today only two are known with a slightly modified tail?s side design made by Assistant Mint Engraver Anthony Paquet.
Liberty Head design $20 denomination gold coins were struck for circulation from 1850 to 1866.
Crum is co-author with Doug Winter of the recently published reference book, An Insider?s Guide to Collecting Type I Double Eagles.