Lot 1092
1864. Bronze, no "L". PCGS graded Proof 66 Red. A very important coin as a one-year type, the type of 1860 - 1864 struck in the new bronze alloy. This example had until recently been tied with one other example as the finest graded by PCGS. The coin has outstanding deep mirrors with frosted devices and essentially perfect surfaces. The coin has acquired a beautiful golden color with the passage of time. This is one of the rarest dates in the proof Indian Cent collection.
The mintage of 1864 proof cents is open to some debate. Breen recorded a total of 470 proof sets of the silver and minor coins sold by the Mint. He breaks down the deliveries to those made before the Mint Act of April 22 as the mintage of the copper nickel examples (370) and those after as the mintage of the bronze No L pieces (100). This cannot be correct, since there are nearly 200 1864 No L proofs graded from all the grading services combined. There must have been an unknown number of specimens made and distributed later in the year. Up until this time, and continuing until 1878, the mintage figures of minor coins must be reconstructed from sales figures of sets and any other collateral evidence that can be found. The Mint was under no legal obligation to record mintage figures for minor coin proofs. We can guess at the original figures based on what we see in the marketplace, accounting for a quantity of examples being lost to the ravages of time, but even an educated guess will undoubtedly be off the mark. Regardless, perhaps 300 is the correct mintage.
Estimated Value $20,000-UP.
Includes Eagle Eye Photo Seal.
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| Realized $18,400 |
