The precursor to the Ives 1122 this cast iron 4-4-0 version was made only in 1928. The lettering under the cab should read IVES 1120, but is almost always rubbed off.

Compare the picture above with the first one. Note the difference in the casting - No rivets around the boiler front and lack of handrails or holes to place them in. This according to Lou Hertz was the original version which Ives intended to sell in 1927. For whatever reason these didn't make the catalog in 1927, but some may have actually been sold during that year?

We don't know who did the paint job on the outside, but they painted over what was a Cardinal Red finish, which can be seen on the inside. Maybe someone at Ives planned on making a Black Diamond set in 1928 with a red engine. Maybe it was a paint sample to see how it would look with Black Diamond Cars?