1888/7 1c MS RB

1888, 8 Over 7, Cent Production: Apparently, one of the 1887 dies was repunched with an 1888 four-digit punch and put into service. The die developed a die break early on and possibly did not last too long, as specimens known from this die are extremely rare today.

Overdates garner much greater collector interest more than other varieties because they are generally collected as part of the regular date series. James F. Ruddy announced the discovered of this variety in the February 11, 1970, issue of Coin World. Two examples of the new variety, both Uncirculated, turned up in a small group of Indian Head cents in the attic of a mansion in Virginia. The obvious blob under the last 8 was determined to be the remnant of a 7, and a private search was launched for additional examples. After a few months, the discovery of this variety was announced in the hobby press since no one came forth with additional examples. The editors of The Numismatist billed the find as the one of the most important numismatic discoveries of the decade (April 1970, p. 531).

The extensive publicity brought out only one more example (graded Good) within the following year. Confident that this was a very rare variety, the two discovery pieces were offered for $4,950 each in 1971. This was an enormous premium at the time. By comparison, Bowers & Ruddy Galleries offered an 1885 Proof $20 double eagle (worth at least $50,000 today) in the same price list as the 1888/7 cents for $4,295. Eventually dealer Julian Leidman and collector Robert Marks purchased the two discovery pieces.

Survivability: Presently, fewer than 100 examples are known, mostly in low grades. This remains the most coveted variety in the Indian Head cent series and one of the hottest “cherrypicks” for collectors to find in unchecked accumulations.

Collecting Challenges: Obviously this is a rare coin. Only a few collectors are lucky enough to include a decent-grade example in their collection. One must decide if a medium-grade coin is worth the acquisition cost, even if an example becomes available. Due to its rarity, most collectors will have to omit the coin from their collection.

Collecting Circulated Pieces: Examples in Good or Very Good are occasionally available. Be certain the coin is genuine. Many worn 1888 cents with crud on the date look like a phantom 1888, 8 Over 7. See the attribution information below.

Collecting Mint State Pieces: These are seldom available.

Attribution: Most, but not all, 1888/7 cents show a cud (an unstruck area of the coin, where part of the die broke away) in the denticles, about the size of three denticles, at the 9 o’clock position on the obverse. This can be diagnostic and makes for quick attribution at arm’s length—very important for cherrypickers to know. Most dealers will get slightly upset if you go through all their 1888 coins with a magnifying glass (they might get even more upset if they find you cherrypicked them!).

One example graded G-4 by PCGS is not the overdate. This is the plate coin in my Flying Eagle and Indian Cents (1992), as Snow-3. It was questionable then and has been delisted since. (See “The Continuing Story of the Mis-attributed 1888/7,” Richard Snow, Longacre’s Ledger, Vol. 11.4, December 2001.)

1458 (Brown)$2,000$3,600$5,250$7,750$12,000$27,000$34,000$45,500— 1459 (Red-Brown)———————53,000— 1460 (Red)———————90,000—