What grade does an 1864 L have to be before the L becomes clearly visible? I see many advertised on ebay that there is no way the L is visible. If you can't see the L what's the point?
You can tell an 1864L by the pointed bust vs a rounded bust. An 1864L has a pointed bust, an 1864 has a rounded bust. It was part of the design change. I agree that if you can't see the "L" the value is less, but they still carry a premium.
Mr. Longacre picked a good spot for his initial--on a lower part of the design. To my eyes, it's clearly visible on VG10 and upwards. Pointed bust is the easiest way to be certain.
In terms of a problem free grade, the L can be just as visible even on the G-VG grades because it sits on a lower relief part of the coin. On the other hand, I have corroded VF and XF examples of this date that you can't even see the L. Depends on a couple simple variables.
I agree that at about VG10-F12 you can see the L with most examples. For my money you need to see the L to appreciate the coin so F12 is more of a minimum.
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