1792 Pattern Cent | New Coin Releases

Category Archives: 1792 Pattern Cent

1861-P Paquet Reverse, Sold in November, Featured in $16 Million Type I Double Eagles Display at January FUN

The finest known of only two 1861 Philadelphia Mint Paquet Reverse Double Eagles, graded NGC MS67, has been sold and will be publicly displayed for the first time in a decade during the January 2017 Florida United Numismatists Convention in Fort Lauderdale.  It once was part of the fabled Palace Collection of King Farouk of Egypt.

After its first display (depicted here) at the ANA 2016 Anaheim World’s Fair of Money, the Horseneck Collection of Type I Double Eagles will make its East Coast debut at the 2017 FUN Convention.

Photo credit: Donn Pearlman

Insured for $8 million, the historic gold coin will be displayed along with the Horseneck Collection of Type I Double Eagles that includes many of the finest known coins of their kind. The Horseneck Collection is also insured for $8 million, according to Adam Crum, Vice President of Monaco Rare Coins (www.MonacoRareCoins.com) in Newport Beach, California.

The 1861-P Paquet Reverse was privately sold by Brian Hendelson, President of Classic Coin Co. of Bridgewater, New Jersey, for an undisclosed price to Larry Lee, President of Coin and Bullion Reserves of Panama City, Florida. 

Previous owners include Baltimore banker Waldo Newcomer, former U.S. Treasury Secretary William Woodin, Egyptian King Farouk and Ambassador and Mrs. R. Henry Norweb.

Insured for $8 million, the recently-sold 1861 Paquet Reverse Double Eagle, NGC MS67, will be displayed by Monaco Rare Coins at the 2017 FUN convention.

Photo credit: Numismatic Guaranty Corporation.

“The Paquet Reverse $20 denomination gold coin is named after Anthony C. Paquet, a mid-19th century engraver at the United States Mint, and only a few of them are known from the Philadelphia and San Francisco Mints dated 1860 and 1861.  The reverse side of Paquet design has slightly taller, slender letters than the similar reverse design by Mint engraver James B. Longacre on other Double Eagles of that era,” explained Crum, author of the reference book, An Insider’s Guide to Collecting Type I Double Eagles.

“The 46-coin Horseneck Collection of Type I Double Eagles struck from 1850 to 1866 includes a dozen coins recovered from famous shipwrecks: the 1857 sinking of the fabled ‘ship of gold,’ the SS Central America; the 1865 wreck of the SS Republic; and the 1865 sinking of the SS Brother Jonathan,” said Crum.  “The set’s 1854-O is graded NGC AU-58, tied for finest known, and was recovered from the SS Republic in 2003.”

Recovered from the SS Republic shipwreck and tied for finest known, this 1854-O $20, graded NGC AU58, is one of the highlights of the Horseneck Collection of Type I Double Eagles that will be displayed by Monaco Rare Coins at the 2017 FUN convention.

Photo credit: Numismatic Guaranty Corporation.

Other highlights of the set include: 1850 graded PCGS MS-63+; 1856-O, NGC AU-58; 1857-S, recovered from the SS Central America, PCGS MS-66; 1861-S, Paquet Reverse, NGC AU-58; and 1866-S, No Motto, NGC MS-61.

“This is only the second display the Horseneck Collection. The first was at the 2016 ANA World’s Fair of Money in Anaheim, California where it was one of the featured exhibits and a highlight of the show this past August. I anticipate it will attract many new admirers in Florida when it’s displayed during the first three days of the 2017 FUN show, January 5 to 7,” said Crum.

“This remarkable set of Type I Double Eagles are owned by an anonymous East Coast numismatist who began collecting coins as a child in the 1950s. He worked for over decade with Monaco’s Sr. Numismatic Advisor, Neil Sharkey, and they took great care in choosing coins which are not only high quality, but have exceptional eye appeal and pedigree.” he explained.

Mark Salzberg, Chairman of NGC, had this to say about the set, “The 1861 Philadelphia Paquet $20 Liberty has to be the greatest $20 Gold Liberty in mint-state, not only is it of exquisite quality, but it’s pedigree makes it one of the most interesting regular issue gold coins extant. The Horseneck Collection of Type I Double Eagles shows what commitment to quality can produce with a little patience and resources. The coins are all outstanding and the collector deserves a lot of credit for seeing it through to its completion.”

The set will be featured at the Numismatic Guaranty Corporation (NGC) table #200.

For additional information about the exhibit, contact Adam Crum at Monaco Rare Coins at (888) 900-9948.

PCGS Analysis Confirms Two More Virtually Pure Copper Judd-2 1792 Pattern Cents

Professional Coin Grading Service (www.PCGS.com) recently had the unique opportunity to perform metallurgical testing on two different examples of the extremely rare 1792 Pattern Cent. Both were shown to have been made of essentially pure copper instead of a “fusible alloy” containing copper and a small portion of silver.

Weinberg 1792 J-2 Cent

This 1792 J-2 pattern cent owned by California collector Alan Weinberg is nearly pure copper, according to PCGS.  (Photo credit: PCGS CoinFacts.)

“The results give a clearer picture of how the U.S. Mint experimented on the earliest American coins in preparation for official coining in 1793. At least three of the nine known 1792 Cents originally designated as the Judd-2 variety now are confirmed to be composed of virtually pure copper,” said Ron Guth, President of PCGS CoinFacts (www.PCGSCoinFacts.com), the Internet’s most comprehensive source for information about United States coins.

“This represents a major step forward in our understanding of early American numismatics, plus it was the first time these two rarities have been together in 224 years. Working with the owners of the two 1792 cents, PCGS arranged for an in-house, non-invasive metallurgical analysis of their coins,” explained Guth.

One of the recently tested Judd-2 cents has been owned by collector Alan Weinberg of California since 1988 when he purchased it at a Bowers and Merena auction. Its pedigree includes the Lorin G. Parmelee, Virgil Brand and Norweb collections. Although uncertified, PCGS estimates its grade as EF45, making it the second finest known.

Wolcott 1792 J-2 Cent

PCGS confirmed the Wolcott specimen 1792 J-2 cent is essentially pure copper.  (Photo credit: PCGS CoinFacts.)

The other recently tested coin, graded PCGS VF35, was unknown until 2004 when the Wolcott family from southwestern New York State brought their inherited coin to the American Numismatic Association World’s Fair of Money in Pittsburgh, Pennsylvania. It was certified by PCGS and its discovery generated nationwide headlines. Owners since then have included Anthony Terranova, Denis Loring, Legend Numismatics and Bob R. Simpson. The coin now is owned by a collector who wishes to remain anonymous after purchasing it through Heritage Auctions this past January.

A third Judd-2 1792 cent, confirmed to be pure copper, is in the American Numismatic Association Edward C. Rochette Money Museum collection, and graded Early United States Mint engraver Henry Voight, who also created the 1793 Chain and Wreath cent varieties, designed the Judd-2 variety.

Judd refers to the book, United States Pattern, Experimental and Trial Pieces, a reference guide authored by Dr. J. Hewitt Judd. Coins listed in the book are classified by Judd numbers, including J-2, the current designation for 1792-dated cents made of pure copper.

“1792 saw a flurry of activity aimed at establishing a mint in the United States. Congress passed a Mint Act, a Director was chosen, a parcel of land was purchased, a building was erected in Philadelphia and employees were hired,” explained Guth.

“Several one-cent denomination coins were tested that year: a large copper piece known today as the Birch Cent (Judd-4); a smaller copper piece with a silver center (Judd-1); a piece of similar size in pure copper (Judd-2); and a piece of similar size with the copper and the silver center cent melted together into what is known as a ‘fusible alloy’ (Judd did not create a separate listing for such a coin).”

“Mint records point to their experiment with fusible alloy cents, but none have been confirmed to date (one example tested years ago showed a small fraction of silver, but the margin of error of the test precluded a positive determination).”

The search for a real Fusible Alloy cent continues. “Hopefully,” concluded Guth, “testing of the remaining 1792 cents will reveal the true nature of these remarkable coins.”

Now celebrating its 30th anniversary since its founding in 1986, Professional Coin Grading Service has become the industry standard in third-party certification. With offices in California, Shanghai, Hong Kong and Paris, PCGS experts have certified over 32 million coins with a total market value of over 30 billion dollars.

For additional information about PCGS products and services, call 800-447-8848 or email info@pcgs.com.