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Lot 1091
1864 Indian Head Cent. Copper-nickel. PCGS graded Proof 64. The rare 1864 with L proof, struck in copper nickel. Only 3 examples are known to exist. This coin, another PR-64 PCGS example which is in an upstate New York collection, and an XF example rumored to exist. This example exhibits moderately deep mirrors, frosty devices and nearly flawless surfaces. Only a few insignificant contact marks limit the grade.
This is actually a transitional issue, which could easily be argued to be an essential part of a complete collection of Indian Cents -- an extension of the copper-nickel series into the design change to the "With L" redesign by James Longacre. Although the addition of the designers initial to the lower ribbon is part of the design change, the whole portrait was given a much needed redesign. The feather headdress is now much sharper, as is the hair detail. The bust truncation is now very narrow, very similar to the 1859 and 1860 pointed bust issues.
The dies used to strike this issue are the same dies that struck the 10 known original 1864 with L proofs in bronze (PR-1). The reverse die was also used on the 1864 No L proofs, confirming that this coin was indeed struck in 1864. It now is widely known that the other half of the 20 known 1864-L bronze proofs (PR-2) were struck during the "Linderman" restriking period of 1868-71. Proof of this came when this author compared an 1864-L with later proofs from 1870 and 1871 and found the reverses to be identical. Who said reverse dies are boring!
We can only speculate about the reason this coin exists. Perhaps Longacre planned a redesign of the Indian Cent in 1864 independent of the decision to change the composition to bronze following the passage of the Mint Act of April 22, 1864. If so, then the 1st issue of bronze 1864 With L's would also have been struck before that date, making them patterns as well. By comparing the die polishing marks on the reverse of this coin with the next lot, the 1864 No L proof issue was struck first. This shows that in all likelihood the proof 1864 With L's in both copper-nickel and bronze were indeed struck late in the year after the changeover to bronze was official, which is why this coin gets the pattern number and the bronze 1864 with L's do not.
The rarity and importance of this coin is tremendous. This coin has not been available in a public auction for many, many years, if at all. In fact, when this coin surfaced in the 1990's, it resided in a major third party encapsulation without any indication as to its importance. The coin had labeled as a regular 1864 CN proof! Of course, it is the coin that is important, not the label, and this coin was never in doubt as to its real status as the nearly unique 1864 With L Proof in copper nickel.
Estimated Value $10,000-UP.
Includes Eagle Eye Photo Seal.
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| Realized $17,250 |
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