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Lot: 1544
Auction: 1114   		1864 1C L On Ribbon PR64 Red PCGS....
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Ended: Jul 30, 2008
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Description
Unique Snow-PR3 1864 L on Ribbon Indian Cent, PR64 Red


1864 1C L On Ribbon PR64 Red PCGS. Snow-PR3. The proof 1864 With L Indian cent is a legendary rarity, one that has been well known and well respected since shortly after its production. Rick Snow's The Flying Eagle and Indian Cent Attribution Guide notes that by 1869, the coin was sufficiently in demand to prompt someone at the Mint to produce restrikes, likely William DuBois, the Mint assayer who also served as curator of the Mint Collection. An added 10 specimens were struck, using a refurbished obverse die and a regular proof reverse from 1868-1871. Snow designates these restrike pieces as PR2, of which 10 are known today. The obverse of the PR1 variety is remarkably similar to the PR3, except that on the PR1 pairing, the left edge of the 1 is between the denticles, while on the PR3 the left edge is over the left side of a denticle. The reverse of the PR3 marriage uses a reverse from the 1864 No L PR2 variety, with minute die lines in the peripheral field area at 1 o'clock.
There are 18 pieces known between the three varieties, according to the Snow reference: seven PR1s, 10 PR2s, and just this one PR3. Snow's comments in that volume regarding this coin were as follows:

"In 1997, a previously unknown example turned up in an old collection called 'The Pennsylvania Estate' which was to be auctioned by Bowers & Merena. This coin did not match the diagnostics for either known die pair. I was asked to confirm its proof status, and was astounded to find it to be a third pair! This new pairing, die pair 3, had the same reverse as the original known die pair, which was also used for some of the 1864 No L proofs, so this new coin was determined to be an original."

Several years later, it is still the only specimen known from this die marriage. Under high magnification, repunching clearly shows on the 4 in the date. The bottom left serif, vertical crossbar, and the front vertex of a 4 are all quite visible northwest of the second, final punching. Similar repunching is noted on the 8 and 6. As a further aid to authentication should any future pieces be discovered, the centers of the loops of the 8, both top and bottom, show a series of near-vertical raised die lines. On the reverse, a tiny apparent die crack runs from the inside right vertex of the N in ONE onto the cross-stroke of that letter. The obverse is only slightly mellowed brick-red, while the reverse offers light tan hues, and both sides show good contrast between the fields and devices. A few tiny flecks are unworthy of singular mention and visible only under a glass. The only obvious pedigree marker for this coin is a dark spot that is attached to and just to the left of the C in CENT. The strike is expectedly bold and unassailable.
For the Indian cent specialist, the rarity of the proof 1864 With L need not be stressed, and the unique die pairing only confirms the illustrious nature of this coin, arguably the single most important Indian cent known.
Ex: Halpern and Warner Collections (Bowers and Merena, 3/1997), lot 232; "The Pennsylvania Estate"; The Alex Highland Collection (Heritage, 6/2002), lot 5202, which realized $138,000; The Palm Beach Collection (Heritage, 7/2004), lot 4375, which realized $118,450.(Registry values: N10218) (#2281)

Auction Name: 2008 July-August Baltimore, MD (ANA) US Coin Signature Auction #1114
Description: Heritage Numismatic Auctions offers U.S. and World coins, medals, and tokens in our Signature Auctions & Final Session Sales, held in conjunction with some of the largest numismatic conventions. These sales feature award-winning cataloging and photography. Call or e-mail one of our Consignment Directors to learn about selling through Heritage.
Auction Type: Signature: !! Heritage Live: After Internet bidding closes, live bidding will take place through www.HA.com/Live. Your secret maximum bid placed prior to the live event will compete against the live bids. To maximize your chances of winning, enter realistic secret maximum bids on our site. Many of our proxy bidders are successful at winning lots in these auctions, and usually below their secret maximum. You can also place last minute bids directly with us by e-mailing Bid@HA.com or calling 1-866-835-3243. (Important note: Due to software and Internet latency, live bids may not register in time, so enter realistic proxy bids.)

This lot is in:  Signature Floor Session (Live Floor, Live Phone, Mail, Fax, Internet, and Heritage Live) (lots 1-3497)
Internet bidding ends at 10:00PM CT the night before the floor session for this lot. During the live auction event, bidding in person is encouraged, and Heritage Live includes streaming audio and often video during the event.

Item Activity: 4 Internet/mail bidders, 1,202 page views



Previous Prices from Heritage Auctions
Lot Date Grade Service Realized
Auction 422, Lot 802 Saturday, January 6, 2007 64 PCGS $103,500.00
Auction 360, Lot 30111 Saturday, January 15, 2005 64 PCGS $87,975.00
Auction 336, Lot 4375 Saturday, January 10, 2004 64 PCGS $118,450.00
Auction 292, Lot 5202 Saturday, June 8, 2002 64 PCGS $138,000.00
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PLEASE NOTE: All prices realized reflect the final hammer price PLUS the buyer's premium in auctions that charge a buyer's premium. Each item has a notation at the top of the listing indicating whether that lot included a buyer's premium. Example: A item that sells with a final hammer price of $100 and a 15% buyer's premium will display with a price realized of $115. All information listed is intended to be as accurate as possible, but errors are possible. Please use this guide carefully and inform us of any inaccuracies.

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