Wow that is a late one. Years ago there was a debate here whether Psych Red survived into the six ply era. At the time I said I figured that at least a few were probably made. I guess this proves it...and then some since the rivets probably push it to up to 1980 or very late 1979.BTW just to expand on that pic that Kevin posted, this drum is actually a six ply shell, rounded corner with rivets. I saved pics of this auction years ago because I had never seen a psych red go that late into production. I thought it was cool anyway...
The later Psych Red (which I like to think of as the "bowling ball" version although of course it was never called that, then again Ludwig has never issued any wrap that is officially called "bowling ball" anything...that's just a drum collector slang term) actually looks quite cool in person. The colors are very bright, it seems that the later green does not fade. Almost neon like red, blue, and green, floating in a sea of deep inky darkness. If they'd given it its own name it might have been more successful as it's not really a great match to the original. I've had a couple of opportunities to grab some drums in that later version of PR over the years, some for cheap, but always passed because it wasn't the "right" version of the wrap. In retrospect that seems to have been a mistake because a full set of drums in this finish would look quite cool.
As far as I know the later version of the wrap has never been reproduced, and, frankly, neither has the original in a sense of a true re-issue that looks like the original. Bum Wrap has done a pretty good job of repro-ing it though with various degrees of fading available to match up with vintage drums. I'd bet they (or Walopus) could probably likewise reproduce a decent copy of the later version if someone supplied them with a drum to scan. My 14" floor tom is a six ply power tom (13x14) masquerading as a floor tom wearing Bum Wrap's "Red Psychedelic More Blue" wrap. It works fine, serves the purpose, and didn't cost me a fortune to create but this ebay drum, rewrap or not, is intriguing because of being a 3ply. As such it will probably go sky high at the end. I had to pay a pretty penny for a stripped Standard 14x14 shell a few years back which is now part of my mod orange set...but it was worth it.