1864 Indian Head Cent - Proof L on Ribbon

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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. Rick Snow estimates that about 20 proofs with the L were struck in 1864, nine originals and 11 restrikes. 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. Copper-nickel cents were hoarded during the Civil War, and the Act of April 22, 1864 replaced them with a lighter bronze cent like the private tokens then circulating. 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 Philadelphia Mint. 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.