Lot 1231
1861-S $20 Liberty. Paquet Reverse. PCGS graded VF-35. At the beginning of 1861, not only was transcontinental rail incomplete, but not even transcontinental telegraph lines were established. When the Philadelphia Mint discovered problems with the Paquet reverse to the double eagle, it sent telegraphs on January 5th to the branch mints in New Orleans and San Francisco. New Orleans was connected directly to Philadelphia by telegraph, and the Southern facility never released any Paquet-reverse twenties.For the main Mint's message to reach San Francisco, however, it had to go to the western telegraph terminus at St. Joseph in extreme western Missouri, whereupon it was sent along with other mail via mounted courier--the legendary Pony Express. The message did not reach San Francisco Mint Superintendent Charles Hempstead until February 2nd, and he was forced to reply that he had struck and released a number of Paquet twenties. In his words, "The amount issued was $385,000." This translates to 19,250 pieces.
The Paquet twenties experienced considerable wear, and only a relative handful survive today. (PCGS Pop. 4 in VF-35, a total of 72 in all grades, 9/24/11).
Estimate $30,000 - 40,000.
Realized: $45,000