The final of three different types of cents for 1864 was struck in the last month of the years. The earlier change had focused on the metallic composition of the cent, and it was now slowly re-entering circulation for the first time since August of 1864. The exact mintage of the 1864 with L Bronze cent is not known. It is estimated that a total number of approximately five million cents were made for circulation, along with an extremely limited number of Proofs for collectors. Although identified by the addition of an L, the initial for James Barton Longacre, the designer on the ribbon, there are other differences with the previous issues. Longacre sharpened the overall obverse design, and the bust tip is narrowed. This design remained essentially the same until the end of the series in 1909.

Besides the many events in the ongoing Civil War, the months the 1864 With L cents were struck by the Presidential election of 1864, held on November 8. In wartorn America, the elections were to reassure the strength of the Union. Obviously, none of the Confederate states voted, although some parts of recaptured Tennessee and Louisiana voted without electoral representation. Opponent of the then-president Abraham Lincoln was former general-in-chief of the American Army George B. McClellan, who represented the Democratic Party. Lincoln represented the National Union Party, which was a descendant of the Republican Party. It had been formed early in the year after radical Republicans had formed a separate party on their own. It consisted of mostly Republican Party members who favored Lincoln, along with Northern Democrats and some anti-confederate southerners.

After the Union Armies success that summer, which favored his war strategy, Lincoln's victory was large and unquestionable. Although receiving 45 percent of all votes, McClellan only won a total of three states (Delaware, Kentucky and his home state of New Jersey) and 21 electoral votes, compared to 212 electoral votes for Lincoln. Especially soldiers in the United States army gave Lincoln their vote, with more than seventy percent. Especially surprising was the large vote Lincoln got from the army of the Potomac, led by McClellan, with seven out of ten votes for Lincoln.

Returning back to the final cent minted this year, color is a very important factor of grading Bronze cents, especially the early issues. The pieces with full, original Mint red color are usually regarded as the most beautiful, and are the most in demand. One of the reasons that this issue is so scarce with original Mint red color was the alloy that was used. Often, this was not correctly alloyed and many planchets show dark streaks from the uneven mixing of the alloy. These streaks later toned to an uneven brown color, losing its red designation. All these factors make this issue a true rarity in gem red, with only a handful pieces graded red by the major grading companies.

The proof is in a class of its own as well. As collectors only bought sets early in the year, proofs of this issue were not wanted. However, 20 pieces were struck in two different striking periods. The first, originals had nine pieces struck from two die pairs in 1864. Another eleven pieces were struck under Mint director Linderman, most likely in the late 1860's when many rare issues were restruck by him. The 1864 with L proofs is the rarest Indian Head Cent, as can be expected. Pieces have been fetching six digit prices lately, and this issue attracts many collectors when a single piece comes available. A proof coin of this issue will be the absolute highlight of an Indian Head Cent collection.