Ron Guth: 1880 VAM 48 is one of the Top 100 VAM varieties. The reverse is known as the "Hangnail Reverse" because of a thick, raised line that extends through the tail feathers just below the fletches of the arrows, presumably simulating a really, really long "nail" from the eagle's talon. VAM 48 was previously known as VAM 1A. VAM 48 shares a reverse with VAM 49 (also a Top 100 VAM), but the obverses are different in that the VAM 49 has a small spike on the top left of the 8 (the remnant of an underlyinh 7); the VAM 48 does not have the "spike."
VAM 48 is a relatively scarce variety, but can be found in grades up to MS-64. As of April 2011, PCGS has certified VAM 48's, including 23 in MS-63 and 12 in MS-64. PCGS has not yet certified any PL or DMPL examples.