I was looking thru some cents today and I came across the same thing. That was the same thought I had.
worth 1 cent, cents of that era were made with the "L" very close to rim, a few years of wear an tear and they turn out looking like your coin.. not an error..
A New obverse Master Hub was employed in 1969, this restored the scale to what it had been in 1909.Note the differences between '68 and'69.