1864 1C L On Ribbon, BN PR (PCGS# 2279)

2008 June West Palm Beach, FL (Summer FUN) Signature Coin Auction #1110

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    Heritage Auctions
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Lot Description
1864 1C L On Ribbon PR64 Brown PCGS. Snow-PR1. For many years it was thought that just 20 proof 1864-L Indian cents were coined. Today, 20 different examples are identified. A roster of 18 pieces appears in The Flying Eagle & Indian Cent Attribution Guide, 2nd Edition, Volume 2, 1859-1869, by Richard E. Snow. "The Fly-In Club" published that reference in 2003. In addition to those, Superior offered an example of PR1 in their January 2005 sale. The present piece matches none of the others, bringing the current population to 20 coins. Remarkably, three different die pairs are known for the 20 coins, a situation akin to three known die pairs for the 1867 With Rays proof nickels. The Snow-PR2 variety, identified by a long die line below the ear, is now considered a restrike and represents about half of the known pieces. They were probably coined in the early 1870s. Snow-PR1 (nine known) and Snow PR3 (unique) are now thought to be originals, actually struck in 1864. Perhaps the estimated mintage of 20 proofs in 1864 is still accurate, with an additional 20 or so coins minted a decade later. This lovely proof exhibits mostly deep brown surfaces with lilac toning on the obverse and pale emerald toning on the reverse. Both sides retain splashes of original mint red, yet too little for a red and brown designation. The strike is sharp with solid design details through out. An amazing coin, the surfaces are virtually blemish-free, with a tiny impairment on the obverse border at 1 o'clock. looking much like a tiny lamination. From the Fern E. Wagner Trust.
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