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I modified your question since the initials are BLP rather than ELP (yes, they're difficult to make out). They're the initials of the coin's designer, Bela Lyon Pratt. Most coins since the start of the 20th century carry some indication of the designer, though usually not so prominently. For example, look under Lincoln's shoulder for a tiny "VDB", the initials of Victor D. Brenner, or see the letters "JS" for John R. Sinnock, just to the left of the date on a dime.

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Q: What is the BLP over the date of a 1911 2 and a half dollar gold coin?
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