Found this in a recent group I picked up. Extremely faint traces of the L visible. Coin is corroded and appears to have been cleaned. Hey, I'll take it
On higher grade examples, the L on ribbon is much easier seen. Here is a better example. The L stands for Longacre, the designer of this coin. 1864 is the only year they did this. There is also a less valuable 1864 with no L. On lower grade examples like mine, you can identify the L variety by the very pointed tip of bust. The no L version has a rounded bust tip.
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