The 1864 Indian Head Cent “with L” represents a minor design change for the Indian Cent series.
The design change was made by adding the letter “L” on the lower ribbon of the obverse and sharpening the overall design. The “L” stood for “Longacre” the last name of the coin’s designer, James B. Longacre. This represented the last major design alteration for the duration of the series.
The 1864 Indian Cent “with L” is scarcer than the early version with “no L.” In proof, the coin represents a major rarity with an estimated 20 pieces produced, of which the majority have survived. The design change was not immediately noted by numismatists, so not many examples were saved, and the production of proof pieces remains a mystery.