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The next digit denotes the year, in this case 9 = 1969.
The next one or two digits denote the month, in this case 11 = November.
The first one or two digits of the code, in this case 3, denotes the model.
For Telecasters, Telecaster Thinlines, and Esquires that code is 3.
After March 1973, Fender dropped the old style date stamp and continued to use the new style, 8-digit code until sometime in 1980 when small adhesive labels bearing Month-Day-Year date stamps appeared in the neck pocket, pickup cavity and/or back of the neck.
Second, my data set for making conclusions is relatively small and therefore, subject to change as new information surfaces.
However, the interpretation of the two date code systems appears to be relatively straight forward and the conclusions were confirmed by pickup dates and pot dates in most cases.
An example of this is 02033923 found on a Jazz Bass.
From 1972 through about March 1973, this new system was used concurrently with the old Month-Year date stamp.