1864 1c L on Ribbon MS BN

1864, With L, Cent Production: The new With L design is found on all Indian Head cents from this issue onwards. The redesign by Mint Engraver James B. Longacre is sharper than the No L design. Longacre added his initial L on the lower ribbon between the last feather and the hair curl. The bust point is narrow, similar to the 1859 issue. This feature may be used to attribute worn examples that no longer show the L; however, the premium is small in lower grades if the L does not show.

It is unknown when the design was put into production. It is likely that the new dies were made in time for the changeover to bronze in May and used side by side with the previously made No L dies. As such there is no way of knowing exactly how many coins were produced. The estimate of five million is based on the ratio of survivors compared to the No L pieces.

It is not known when this design change was reported to collectors. The rare Proof issue of this year was restruck for collectors sometime around 1870, so it is probable that it was known at that time. In the 1906 Leeds sale by Henry Chapman, lot #1213 was a single 1864 With L cent described as “Unc. Bright Red,” which sold for $20. By this time they were considered rare.

Survivability: These were released into circulation alongside the No L issue and were not recognized as special by collectors for a very long time. Most are well worn.

Collecting Challenges: Many come sharp and pleasing, and it should not be too difficult to find attractive specimens.

Collecting Circulated Pieces: The optimal collecting grade for circulated coins is EF-40. Date collectors did not retrieve these from circulation until many years after their issuance, so it is diffcult to find examples above Very Good. Prices for choice pieces above Very Fine are high, but do not increase significantly between grades, so it may not cost a collector much more to purchase a higher-grade coin.

Collecting Mint State Pieces: The optimal collecting grade for Mint State coins is MS-64RB. These are usually available, but never cheap, unless the coin has problems. This issue offers a great value in full red, as long as the coin has no problems such as spots, or eye appeal issues such as streaky toning.

Collecting Proof Issues: This is the rarest date in the Proof series. Apparently 20 examples were struck and most are traced today. Two die pairs struck nine pieces in 1864. An additional 11 examples were struck with another die pair sometime around 1869. The attributes of the different dies are described fully in the Flying Eagle and Indian Cent Attribution Guide, 3rd edition (2014). For a summary, see pages 85 and 86.

For many years, the only coins offered as Proofs were those described by Walter Breen in his Encyclopedia of U.S. and Colonial Proof Coins. In 1984 Breen announced the discovery of a new die pair. Ten years later, I first announced that the die pair Breen originally described as the true Proof were in fact struck much later than the date on the coins. The evidence came from the reverse dies, which were the same as those used on regular-issue Proofs and pattern cents from 1868 to 1871. Die-state analysis pinpointed production in 1869 or 1870. The second die discovered by Breen was found to have the same reverse as the regular 1864 copper-nickel Proofs. This confirmed that there were two striking periods: 1864, and 1869–1870. I discovered a third die pair in 1997, also from the first striking period.

The reason for their existence is not documented. The coins from the first striking period are found struck on both copper-nickel (unique in each die pair) and bronze planchets. They were probably struck at the same time, around the changeover to bronze planchets in May 1864. Perhaps they were struck as patterns of the new dies.

The second issuance came during the “Linderman” restriking period, 1867 to 1869, which was one of the times of active striking of collector issues at the Mint during the tenure of Mint Director Henry R. Linderman. Examples are known struck in aluminum, which was not regularly used until 1868. This issue was surely made to satisfy collector demand.

The 1864 With L Proof has excited collectors over the years. Two examples were in the estate of Mint Engraver James B. Longacre, which was sold by M. Thomas and Sons on January 21, 1870 (lot 247). The auctioneer described these as “thin die” (the No L style was conversely described as “thick die”). The pair brought $17. Prices have escalated ever since.

These coins seldom appear on the market, and usually set records when they do. In the 1960’s prices were around $3,000. Sale prices in the 1970’s were in the $5,000 to $10,000 range. In 1987, a superb red gem from the Norweb collection sold for $47,300. Soon after, in 1988, Breen’s discovery piece sold for $44,000.

In Bowers and Merena’s January 1999 Rarities sale, a PF-65RB from the first striking period set a record price for an Indian Head cent when it sold for $96,000. In the June 2002 Long Beach sale by Heritage Auctions, another example of the first striking period graded PF-64RD set another record when it sold for $132,000.

There are many repunched dates known for this year. Presently 20 are described. Snow-1, -2, -3, and -7 show dramatic repunching on the 18 in various directions. The others are rather minor. Many collectors are interested in varieties of this year. A nearly full variety set was sold as part of the Larry R. Steve collection at the premier auction of American Numismatic Rarities (ANR), July 25, 2003. Larry R. Steve amassed the largest collection of Flying Eagle and Indian Head cent varieties in high grade ever assembled. In 1990, he co-founded the Flying Eagle and Indian Cent Collectors Society, serving as the first editor of its journal, Longacre’s Ledger, and later, as president. Steve co-wrote a very useful book with Kevin Flynn: Flying Eagle and Indian Cent Die Varieties, in 1995. Selected sections of his collection were sold by American Numismatic Rarities in 2003. The balance of his collection was disbursed privately soon after.

Obv. 1: (B) The date numeral 1 is directly under the bust point. Thin denticles are at 3:00 and 9:00.

Rev. K: Nearly perfect dies. Only minute die lines in field at 1:00 confirm that these are from the same die as used on some 1864 No L Proofs.

Presently only seven examples are known. Examples from this die pair have occasionally been classified as pure copper die trials, Judd-358. It is now believed that most or all are actually struck in bronze. The difference between this obverse and Die Pair 3 is very minor. PR1 has the left edge of the base of the 1 between two denticles, while PR3 has it over the left half of a denticle. Some examples, known only through lowquality photographs in auction catalogs, may actually be PR3.

The dies are quite well made. The only identifying feature of the reverse are seemingly insignificant die-polish lines which were shown to match both this reverse and the 1864 No L PR2 only by direct comparison. In this case it is important in proving that the PR1 and PR3 were actually struck in the year of issue.

Additional examples from this die pair were also struck in aluminum, which was unavailable in quantity until 1868.

The ownership of the coin Breen mentions as being stolen has been settled. Some coins from different dies, which are not Proof, have been certified in the past.

Obv. 2: (B) A long, raised die line on the neck runs diagonally from NE to SW just under the jaw. The date is far to the right of the bust point.

Rev. 1868A: There are numerous light, crisscrossing die lines in the field. Heavy die lines o" the olive leaves at 8:00 run towards the rim at 9:00.

This reverse die has very heavy and distinctive die-polishing lines. This reverse die is also found on the 1868 aluminum pattern and 1870–1871 Proofs. It is of a similar die state as some Proof issues of 1868 (Rev. A). The 1870 and 1871 issues are of a later die state. This reverse is also found on 1863 With L patterns and a minority of 1865 Proofs, all of which must have been produced on or after 1868.

Obv. 3: (LH) 864/864 (w). Minor repunching is visible under high magnification. Very similar to Obv. 1; compare the date position.

Rev. K: Same die as PR1, 1864 No L PR2. Minute die lines are in the field at 1:00.

This coin, presently thought unique, was discovered in the “Pennsylvania Estate,” a collection assembled by a well-known numismatist in the 1930’s to 1950’s. The collection was incredible in that it had two gem Proof 1864 With L cents. This coin has set records every time it has changed hands.