The Hall of Fame inducted its first class of nine former players, managers, and league officials in 1947.
A plaque was unveiled at the IL's New York City offices located in the Ruppert Building at 535 Fifth Avenue.
Today, the plaque has no permanent home, but exists as a traveling display which visits a number of the league's ballparks each season.
After the cessation of the league's Baseball Writers' Association, the Hall of Fame became dormant from 1964 to 2006.
Two new members were inducted in 2007, and plans were made to elect up to 28, 14, and 7 inductees, respectively, over the next three years.