There should be two numbers, the month and the year. L could mean February or 1964, but the Model 700 was introduced in 1962 and the Model 721/722 dropped at that time.
No matter what the letters mean, no Model 721 was made in 1991. If the price is right, and the rifle in good condition, a Model 721 can still give excellent service as a hunting rifle. In average condition, they run around $250 for the ADL, about $100 more for the BDL. Except for the plain stock and stamped trigger guard, they are identical to the early Model 700.
Jim
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