1864 Indian Head Cent - Proof L on Ribbon

Coin Details

Auction Record

$129,250 PR66 09-25-2013 Heritage Auctions

Description

The 1864 Indian Head Cent - Proof L on Ribbon is a proof cent struck at the Philadelphia Mint, part of the Indian Head Cents 1859-1909 series. With a mintage of 35, this is an extremely rare issue — the lowest mintage among 6 mint variants, representing only less than 1% of total production. The obverse features Liberty wearing a feathered headdress, often misidentified as a Native American — actually represents Liberty adorned with a chief's war bonnet and the reverse displays an oak wreath with a shield at the top, enclosing ONE CENT. Composition changed from copper-nickel to bronze due to Civil War metal shortages. The "L" initial for Longacre first appears on the ribbon, creating two major varieties. As a proof issue, this coin was struck multiple times on specially prepared polished planchets using polished dies, producing mirror-like fields and frosted design elements prized by collectors. Struck at the original U.S. Mint facility, in continuous operation since 1792. Estimated market value is approximately $37K. Struck in 95% copper, 5% tin and zinc, weighing 3.11 grams, 19 mm in diameter, with a plain edge. Cataloged as PCGS #2279.