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When Gibson started reissue the les Paul model in 1968, they realized they were not as good as the originals from the 50's. Hence the "B".
No Honestly, I haven't got a clue..
Probably the grade level of the top, which is determined before finishing.
A "B" grade top might have small knots, mineral streaks, or some other imperfection that would deem it unsuitable for a transparent finish such as CSB or natural. Therefore it would get finished in a solid, non-transparent finish like gold or ebony.
The "B" in a circle have both blue (earliest) ink to black ink.
Customs from 1969 do not have it. But their cavities are painted.
I have seen the B in some early SG`s from 69-70.
Late 69 CC .