That depends. If there were any mid-year changes, the letter would identify which version you have. But if there were no changes, the letter remains whatever the model year started off with. As for how they decided what letter they used, that was the middle initial in the chief engineer’s third wife’s name.
EDIT: Before you ask, the letter preceeding the serial number denotes which plant the motor was assembled at. "E" for Evinrude, "J" for Johnson, "B" for Belgium, etc.