What is this component? It looks a bit like a capacitor, but not exactly, and it is labelled L1 on a small circuit board where there are capacitors labelled C2 and C3…

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What is this component? It looks a bit like a capacitor, but not exactly, and it is labelled L1 on a small circuit board where there are capacitors labelled C2 and C3…
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An inductor. Essentially a coil of wire round a ferrite core. Here's one without the heatshrink around it:
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