It isn't an acronym. PL was originally the abbreviation printed on
linear polarizers from almost all manufacturers. When circular
polarizers came into being (and were necessary to avoid exposure and
focus problems with modern cameras that use semi-silvered mirrors or
prisms to split the light entering the viewfinder in order to
calculate exposure and focusing distance) they had to be
differentiated in some way. You will see them called CPL, PL-CIR, and
PL-C (perhaps others) by various manufacturers.

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