USA was marked by different milestones in 1864, such as the Civil War, the Battle of the Wilderness and the March to the Sea, but not only by the war, but also by scientific and social advances, such as the creation of the Red Cross a year ago and the scientific discoveries of Louis Pasteur. In that same year, the Mint issued a series of cents, among which the “Indian head cent” stands out, which today can cost up to $161,000 dollars.
That penny with the head of an Indian did not even have the impact it has now, because some time later a singularity was found in that currencywhich makes it unique in its series. This coin has a value that exceeds $160,000 dollars and makes it a total treasure of numismatics and a highly sought-after piece by collectors, but what is so special about this coin?
The reverse side of the 1864 1 cent coin. (Photo: PCGS.com)
The 1864 Indian Head Penny is distinguished by a particular detail: a small letter “L” etched into the ribbon adorning Miss Liberty’s headdress. This addition, which corresponds to the initials of James Barton Longacre, designer of the coin, makes this variant one of the most coveted of that issue.
According to the Professional Coin Grading Service (PCGS), Indian cents issued between 1859 and early 1864 did not include the designer’s initials. Throughout that year, the United States Mint decided to add the “L” to the design in recognition of Longacre.
This change not only modified the appearance of the coins, but also altered the shape of Miss Liberty’s bust, which is more pointed on the examples with the letter “L” compared to those without it.
The obverse side of the 1864 1 cent coin. (Photo: PCGS.com)
The 1864 cent with the “L” is considerably rarer than its version without the initial. Of the 39 million copies produced that year, only a small fraction presents this detail.
In addition, it is estimated that there are between 20 and 30 “Proof” quality examples of this variant, which increases its value significantly.
The value of this series may vary considerably depending on its condition and characteristics. Coins in superior condition, with high MS (Mint State) grades and bright colors, can achieve record prices at auction.
An 1864 “L” Indian penny, graded PR65, sold for $161,000 at an auction in Heritage Auctions. Another example, graded PR66, fetched $97,750 at Bowers & Merena.
A piece graded PR64 Brown was auctioned for $44,062 at Heritage Auctions. According to the PCGS price guide, the price range for this series varies between $8,250 for low-quality specimens and up to $140,000 for those graded MS or PR66.
To determine if a coin corresponds to this variant, it is important to look at the following details:
- Location of the “L”: The designer’s initial, “L,” is found on the ribbon of Miss Liberty’s headdress, just behind the bottom feathers. Although it may be difficult to see on worn coins, this is the key distinguishing feature of this variant.
- bust shape: In the pieces with the “L”, Miss Liberty’s bust has a more defined point, unlike the more rounded shape that the pennies without the initial have.
- Conservation status: Coins that maintain original colors and are in good condition, with no signs of wear, have a higher value. Coins graded MS-67 or higher often attract collectors who are willing to pay considerable sums.
- Professional certification: Taking the coin to a grading service, such as PCGS or NGC, can ensure its authenticity and provide an accurate assessment of its condition. This will directly influence its price in the market.
This is the peculiarity of the 1864 1 cent coin, an “L” behind the lower feathers of the Indian. (Photo: PCGS.com)
