LOT Bowers and Merena Auctions  /  The September 2008 Beverly Hills Rarities Sale  / 

27

1864 Indian Cent. L on Ribbon. PR64BN (PCGS)

Currency:USD Category:Coins & Paper Money Start Price:39,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1864 Indian Cent. L on Ribbon. PR64BN (PCGS)
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<span style="font-size: large;">Lot #27. 1864 Indian Cent. L on Ribbon. Snow PR-1. Proof-64 BN (PCGS).</span>
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A classic rarity in the proof Indian Cent series, the 1864 L on Ribbon has long enjoyed strong demand among specialized collectors. The issue also presents significant challenges for numismatic researchers, as the Mint did not record an actual mintage figure for these coins. Adding further to the confusion surrounding these coins is the fact that numismatists have confirmed no fewer than three different die marriages among surviving examples. This is a large number of dies for an issue with so few examples known to exist.
In the 2nd edition, 2nd volume of the excellent reference <em>The Flying Eagle & Indian Cent Attribution Guide</em>, numismatic expert Rick Snow presents several theories to help unravel the mystery of the proof 1864 L on Ribbon Cent. He asserts that Chief Engraver James Barton Longacre prepared two obverse dies for this issue sometime in April of May of 1864. These obverse dies were mated with the same reverse that was later used to strike examples of the Snow PR-2 variety of the 1864 No L. Traditional numismatic wisdom has it that just 20 proofs of the L on Ribbon variety were prepared at that time. Most survivors of this delivery are examples of the Snow PR-1 die pair, and just nine specimens have been positively identified. A tenth piece is a unique survivor from the Snow PR-3 die marriage.
What of the third die marriage, that which carries the attribution Snow PR-2? Also according to Rick Snow, the proof variant of the 1864 L on Ribbon was recognized as a numismatic rarity as early as 1869, leading to demand for examples among contemporary collectors. To meet this demand, Mint employees mated a reworked obverse die with the regular-issue reverse from the 1868-1871 era. We believe that an additional 20 or so restrikes were prepared in 1869 and/or over the course of the following few years. Ten of these pieces have survived, and they are easily attributable as to die marriage by the presence of a long raised die line (as made) just below the rear of Liberty's jaw.
By adding up the survivors from all three die marriages, we arrive at an extant population of just 20 coins for the proof 1864 L on Ribbon Indian Cent. The specimen that we are offering in this lot is the second of two examples of the Snow PR-1 die pair that has come to light since 2001. The attribution confirms this coin as an original that was actually produced in 1864, and its status as a recent discovery explains why it is not listed in the census of known examples in the aforementioned book <em>The Flying Eagle & Indian Cent Attribution Guide </em>by Rick Snow. A beautiful near-Gem, both sides are fully struck with warm, even, glossy-brown toning. The color is a bit lighter on the obverse, and that side of the coin also reveals more vivid apricot and pinkish-rose undertones at direct angles. A full strike and shimmering, semi-reflective fields leave little doubt as to this coin's status as a proof. There really are no outwardly distracting blemishes, but pedigree concerns do compel us to mention a pair of extremely faint spots in the obverse field: one to the left of the date and the other at the upper-left side of the letter O in OF. Only at the most direct angles are these pedigree markers discernible to the eye. As an attractive, high-grade survivor of the Mint's original delivery of proof 1864 L on Ribbon, this coin represents an extremely important find for the advanced Indian Cent specialist.


<span style="font-size: smaller;">Cert Number: 12614080 </span>
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<table cellspacing="0" cellpadding="3" border="1" id="ctl00_cntBody_FAQ1_grdShippingRates"
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<td class="AuctionListingsHeadings" align="right" valign="top" style="width: 75%;">
Postage And Insurance
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<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl02_PurchaseAmountTemplate">$0.00 to
$200.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl02_PostageAmountTemplate">$6.50</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl03_PurchaseAmountTemplate">$201.00
to $300.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl03_PostageAmountTemplate">$9.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl04_PurchaseAmountTemplate">$301.00
to $1,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl04_PostageAmountTemplate">$10.50</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl05_PurchaseAmountTemplate">$1,001.00
to $2,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl05_PostageAmountTemplate">$13.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl06_PurchaseAmountTemplate">$2,001.00
to $3,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl06_PostageAmountTemplate">$17.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl07_PurchaseAmountTemplate">$3,001.00
to $5,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl07_PostageAmountTemplate">$18.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl08_PurchaseAmountTemplate">$5,001.00
to $10,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl08_PostageAmountTemplate">$23.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl09_PurchaseAmountTemplate">$10,001.00
to $25,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl09_PostageAmountTemplate">$27.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl10_PurchaseAmountTemplate">$25,001.00
to $50,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl10_PostageAmountTemplate">$42.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl11_PurchaseAmountTemplate">$50,001.00
to $75,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl11_PostageAmountTemplate">$55.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl12_PurchaseAmountTemplate">$75,001.00
to $100,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl12_PostageAmountTemplate">$70.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl13_PurchaseAmountTemplate">$100,001.00
to $250,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl13_PostageAmountTemplate">$100.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl14_PurchaseAmountTemplate">$250,001.00
to $500,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl14_PostageAmountTemplate">$175.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl15_PurchaseAmountTemplate">$500,001.00
to $750,000.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl15_PostageAmountTemplate">$250.00</span>
</td>
</tr>
<tr class="LotDetailInformation">
<td class="AuctionListings" valign="top" style="white-space: nowrap;">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl16_PurchaseAmountTemplate">$750,001.00
to $99,999,999.00</span>
</td>
<td class="AuctionListings" align="right" valign="top">
<span id="ctl00_cntBody_FAQ1_grdShippingRates_ctl16_PostageAmountTemplate">$400.00</span>
</td>
</tr>
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Bowers and Merena Auctions was founded in 1983 and has grown to become the world's
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