1864 1C L On Ribbon PR64 Red and Brown PCGS....

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Important 1864 L on Ribbon Indian Cent, PR64 Red and Brown

1864 1C L On Ribbon PR64 Red and Brown PCGS. PR-2. The 1864 L on Ribbon proof is one of the classic rarities in the U.S. cent series. Only 20 examples are believed to have been struck, presently represented by three known die marriages. The fascinating history of these pieces is outlined in Rick Snow's book "The Flying Eagle and Indian Cent Attribution Guide, Vol. 2: 1859-1869."
This coin is toned in rich purple-brown shades with areas of golden tinged luster still showing in the more protected areas. The surfaces are nearly perfect from the standpoint of contact marks, indicating a higher technical grade. There is, however, some brown staining in the upper right quadrant of the obverse that is resting on the surface and appears to be keeping the grade at the near-Gem level.
The die pair is listed as PR-2 in Rick Snow's book. There is an obverse die file mark (as struck) on Liberty's neck (under the ear) that matches the diagnostics given by Walter Breen in the 1977 book Walter Breen's Encyclopedia of United States and Colonial Proof Coins: 1722-1977. Since that time additional discoveries have been made which shed new light on this enigmatic issue, as well as on much of the activity of Mint personnel in the years following the Civil War.
The initial proof delivery of the 1864 L on Ribbon cent was ten examples. These coins were either held as die trials or sold to collectors in a random manner. Mint officials probably considered the addition of Longacre's initial to be a minor change that was not worthy of special consideration. It was not until a few years later that the existence of these proofs became known, by which time the advanced collectors who desired examples could not locate the coins. When Henry Linderman began his first term as Mint Director in 1867, the proof 1864 L on Ribbon Cent had already become a hotly desired numismatic item. During Linderman's first term (1867-1869), and continuing for a few years thereafter, many numismatic delicacies were restruck at the Mint. Far from being considered a pariah, the coins restruck during the "Linderman" period are some of the most sought after coins in all of U.S. numismatics!
Ten additional 1864 L on Ribbon proofs were struck sometime around 1871. Rick Snow is credited with this discovery by matching the reverse die of the present example with the regular issue proof dies of that year. The unique die lines on the reverse are the same as on proofs from 1869 through 1871, although the 1869 and 1870 proofs were struck from earlier die states.
Virtually nothing was known about the proof 1864 L on Ribbon Cent until the 1977 publication of Walter Breen's Encyclopedia of United States and Colonial Proof Coins: 1722-1977. Breen identified the coins with the die diagnostics of the present specimen as the only true proofs. This created a dilemma for the owners and sellers of the other proof examples. Most catalogers described the proofs that did not match Breen's diagnostics as copper die trials, or they conveniently overlooked Breen's research. It was not until the Bowers and Merena Higgins Sale of 1984 that Breen relented and proclaimed that there was a second die pair for the proof 1864 L on Ribbon. 1997, Rick Snow identified a third die pair when a unique specimen was offered in Bowers and Merena's Pennsylvania Estate Sale.
Ex: Farish-Baldenhoffer Sale (Stack's, 11/1955), lot 214; Swedish Ambassador; Swedish Embassy; Harlan White; House of Stewart (1979); Larry Whitlow (1992) Private collection; Superior's sale of 6/1994, lot 163; Eagle Eye Rare Coins (1994); Texas collection; Eagle Eye Rare Coins (1997); Joseph P. Gorrell Collection (Heritage, 1/03), lot 4480.
(Registry values: N10218)

Coin Index Numbers: (NGC ID# 229G, PCGS# 2280, Greysheet# 1719)

Weight: 3.11 grams

Metal: 95% Copper, 5% Tin and Zinc

View Certification Details from PCGS