Purple Double Overprint Precancel: New Rochelle, NY

Can anyone provide me with information on the type of precancel represented here? I don't know if it has any premium value, but do find it an interesting item because of it being in purple ink and a double-overstrike on a higher value Franklin regular issue:

You have a non-standard hand stamped L1-HS.

Frankie

Hi, Wt1, Frankie is correct.

But here is some interesting info.
In 1928 through 1941 value is .50.
Now you have a double strike here, both my Hoover & Rotnem catalogues do not note a double strike with this precancel on that stamp.
Now you also have as you've stated precancel is purple color.
Hoover states there were red precancels on he 1917 issues but neither catalog states the official precancel color.
The most likely the precancel was in black possibly purple.
But could purple be a degraded red, I'm no expert on inks and exposure to sunlight& the elements.

A big thank you to both Frankie and Warrehouse. Very interesting information on this stamp. Maybe I have something that's not previously been listed?

It may not be worth a fortune, as even a non-precancelled Scott #516 has a current catalog value of only $1.50, but at least I can highlight it as a possible find for future reference.