What does lIV mean in roman numaruls?

In Roman numerals, "lIV" appears to be a combination of "L" and "IV." The letter "L" represents the number 50, while "IV" represents 4. Therefore, when combined, "lIV" could be interpreted as 50 - 1 + 4, which equals 54. However, the correct form should be "LIV" without the lowercase 'l' for proper Roman numeral representation.