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. Original proof strikings, designated as variety PR1, were insufficient to meet collector demand, prompting 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. Noted Indian Head Cent expert Rick Snow designates those restrike pieces as PR2, of which 10 are known today.

In The Flying Eagle & Indian Cent Attribution Guide, Snow discusses the discovery of a new variety:

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 find it to be a third pair! This new pairing, die pair 3, had the same reverse as the known original 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, this same piece, to be offered as part of the upcoming Summer FUN Signature Coin Auction on June 26-29, 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 8 and 6.

As a further aid to authentication should any future pieces be discovered, the center of the loops in 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 C in CENT. The strike is expectedly bold and unassailable. PCGS has graded this coin PR64 Red.

There were 18 pieces known between the three varieties, according to the Snow reference: seven PR1s, 10 PR2s, and just this one PR3. Two additional specimens of PR1 have appeared in the intervening years, including the example of PR1 we are offering in the same auction, bringing the total number of proof 1864 cents with L known to 20.

For the Indian cent specialist, the rarity of the proof 1864-L need not be stressed. The rarity of this unique die pairing only confirms the illustrious nature of this coin, arguably the single most important Indian cent known.

This coin and the remainder of this auction will open for bidding soon at www.HA.com/Coins.