The "L" is the stamp for the type of barrel steel. In the case of 32692 it is a L1, Top action, capped pistol grip, twelve gauge with 32" barrels. L1 is the grade - Laminated Steel Grade 1. If it was a Grade 0 it would most likely have been made with Twist Steel or Plain Twist barrels. A great many early lifters in Grade 1 and possibly even Grade 0 were made with Damascus Steel barrels but later the lowest grade with Damascus Steel barrels was the Grade 2. From what I've read in The Parker Story Laminated Steel barrels were used on the Grade 1 Top Action guns. Some have been identified as Grade 0 but I believe the grade identification problem arises because of the price charged for the gun. Discounts were often given and the sale price of the gun was recorded in the book with no actual grade # identification.
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