Remarkably, despite the tiny population, there are three known die varieties of 1864 L on Ribbon Proofs, designated by Rick Snow as PR1, PR2 and PR3 in the 3rd edition (2014) of his Flying Eagle Indian Cent Attribution Guide. The variety most frequently seen is PR2, which appears to comprise more than half of the surviving supply. PR1 has a known population of just eight or nine coins. The rarest variety is PR3, which is currently represented by a sole known example (as PR1 and PR3 are very similar, some coins now listed as PR1 may eventually be reassigned as PR3). The easiest way to distinguish between the three varieties is by the placement of the date digits with respect to the bust truncation and the dentils.

Aspects of the Proof 1864 with L Indian Head Cent

As information concerning these Proofs is not widely known we present the following:

Obverse 1, Original. 1 in date directly below the neck tip. No spine from curl. Snow: "The obverse die is polished somewhat unevenly, with more space between the denticles at 3:00 and 9:00 than at 12:00 and 6:00. The reverse die was used earlier to strike some 1864 (without L) bronze Proof cents. This is the original die pair."

Obverse 1. Restrike. Date is significantly to the right of the tip of the neck, with the left side of the 1 in the date being an obvious check point. A tiny spine (about 1.5 mm) extends downward to the left from the curl below ear into Miss Liberty's neck. The reverse seems to be from the same die used to strike the 1863 L pattern cents, but in a later state. Richard Snow and Dave Bowers believe these were made for collectors in 1871; i.e., are restrike issues. (Cf. Norweb Collection, Part I, 1987, Lot 156.) John Dannreuther, who is currently compiling a master work on United States Proof coins from the early 19th century onward and who has made some remarkable discoveries, reports that Proof 1864 Small Motto two-cent pieces also exist in restrike form and suggests that they may have been struck around 1871.

The following suggested scenario is from Dave Bowers' 1996 study (before die pair 3 was discovered, now unique) and tells of the two main varieties--originals and restrikes:

Late in the 1864 year when the new hub with L on ribbon was introduced into the cent series, Proofs produced at that time were made of the new style and routinely sold to collectors who ordered them. Such orders would have straggled in, for traditionally most Proof minor coins in a given year were sold early in the year. At the time, there was no numismatic interest in or knowledge of the hub change, and no coin collectors noticed that certain late-1864 bronze Proofs had the L on ribbon. For that reason, the mintage was small and simply limited to those needed to fill orders that came in. This is truly remarkable. Many years ago when Dave Bowers began studying certain early coins in detail, including examining nearly all coin auction catalogues of the 19th century, he expected to see the variety with L listed. No such find!

It seems that it was not until about 1871 that collectors were aware of the tiny L on ribbon and sought to buy 1864 Proof bronze cents with this feature, but specimens were few and far between. The solution was a simple one: A new obverse Proof die dated 1864 and with the L on ribbon was created, and additional Proofs were made.

The example to the left was sold by Stack's Bowers Galleries in the August 2019 ANA Auction, where it realized $84,000.