1863 1C J-302 PR(PCGS#60457)

June 2026 Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

2296

Grade

PR63

Price

20,740

Lot Description

Here is a very rare Indian cent, one of only a half dozen of this intriguing variety thought to exist. The nicely mirrored fields are enhanced by sharp strike details and some light patina accenting the copper-nickel planchet. The devices are impressively sharp and cloaked in a frosty mint finish. Trivial hairlines surround the denomination on the reverse, but the obverse suggests a higher grade.<p>The Indian Head cent was designed by James B. Longacre and first issued in 1859. The obverse features Liberty facing left in profile wearing a Native American headdress inscribed LIBERTY. Liberty is surrounded with the inscription UNITED STATES OF AMERICA and the date is below. While the 1859 coins had a laurel wreath on the reverse, in 1860 this was changed to an oak wreath, which surrounds the denomination ONE CENT. At the top is a Union shield and there is a ribbon at the bottom that holds the ends of the wreath and three arrows together.<p>This 1863-dated cent, Judd-302, features the adopted design for 1864, with the pointed bust truncation and Longacre's initial L on the ribbon. The reverse is the same design as had been used in 1863. In researching the data Rick Snow compiled, this particular reverse die was first used on regular issue coinage in 1871, indicating it was a restrike made for collectors in the 1870s. Per the <em>uspatterns.com</em> website, "These restrikes are related to the 1863 two cent, trime, half dime and dime restrikes which were offered with the quarter, half dollar and dollar which were struck with the motto 'In God We Trust' on the reverse." That website estimates that more than a half dozen examples are known of Judd-302, while Rick Snow traces seven distinct specimens in his 2014 reference <em>The Flying Eagle & Indian Cent Attribution Guide</em>. The present example is included in the Snow census. The 1863 L on Ribbon Indian cent was also struck in bronze (Judd-301/at least eight known) and aluminum (Judd-304/at least four known). There is also an unconfirmed example struck in oroide (Judd-303).<p>A letter to the editor, from William E. Hidden, published in the <em>The Numismatist </em>in 1903, pertains to the discovery of this piece:<p><em>Please find space…for a notice of my discovery of the little capital "L" on a nickel cent of 1863. It is usually credited with making its first appearance on the 1864 bronze cent and is spoken of 'L on ribbon,' etc.</em><p><em>This little L is extremely small, but is intentionally there to record Longacre's artistic design of workmanship...I cannot learn of any example but this one of mine and it is a Proof. It came from our old friend, Wm. P. Brown, among a lot of Proofs.</em>