(Newport Beach, California) — The finest known of only two 1861 Philadelphia Mint Paquet Reverse Double Eagles has been graded MS67 by PCGS. The rare coin, formerly owned by King Farouk of Egypt and known as the Norweb Specimen, is insured for $8,000,000 and will be publically displayed at the upcoming February 16-18 Long Beach Expo.
“PCGS is honored to grade such a rare and important coin. Now that the Norweb Specimen has been graded PCGS MS67, both known 1861-P Paquet Reverse Eagles are graded by PCGS, the other being the PCGS MS61 Dallas Bank Specimen,” said PCGS President Don Willis.
Of all regular issue U.S. Double Eagles, the 1861-P Paquet Double Eagle is the rarest. For years, this coin was considered a pattern, until research concluded the coin was meant for circulation before the mintage was melted down after a defect in the dies was discovered. Somehow, two examples survived.