1892 1C, RD PR64RD Certification #02292312, PCGS #2365

1892 1c Indian Cent Proof PCGS 64 RD OGH. Dealer David Lawrence described as "still red but displays spotting", eye appeal ranked "3/5", and degree of toning as "3/10". Purchased 11/27/2022 at online auction on dealer's website, for $476 which was the highest of 7 bids. The dealer had estimated its pre-sale value as $600, at a time when PCGS retail was $625. I liked the 2-tone "Cameo" look, which is uncommon for most Indian Cent proofs (PCGS notes "Cameo examples are a rare exception"). Also in desirable, conservatively graded "old green holder" (OGH). PCGS warns that "spotted coins should be avoided or heavily discounted; conversely coins with full red color or attractive toning deserve big premiums". This coin has the good & the bad - it's a little spotted, but has mostly red color and attractive cameo-look. Mintage was only 2,745. At time of purchase, PCGS recorded only 54 coins of this grade, and only 71 higher. This exact coin was previously sold at Heritage Auction on 7/27/2002 for $345. It might be worth re-submitting for upgrade to cameo (CAM) status.

Ron Guth

The Proof 1892 Indian Head Cent has a rather hefty mintage of 2,745, indicating a lot of collector interest at the time.  Most of the examples known today have been well-preserved, thus PR64RB is the grade seen most frequently.  The finish on the 1892 Proofs is brilliant and Cameo examples are a rare exception.  Deep Cameo examples, if they even existed, would be exceedingly rare.

The key to buying Proof 1892 Cents (and any Proof Indian Head Cent) is to seek out coins with good color and problem-free surfaces.  Spotted coins should be avoided or heavily discounted; conversely, coins with full red color or attractive toning deserve big premiums.