I would definitly get that one fixed up. It sounds like the designators place it in the 30's. If it has a microtuner on the neck it likely is. The E was was the Designator for an alto as long as it is centered ABOVE the serial number. If the L is centered below, it is a low pitch. i e A=440. This is a great horn. I will warn you that it does have some quirks but they are nothing that can not be overcome. My in real picky about mouthpieces with the microtuner. Because of the design of the horn it has a wider body then the newer horns so it can be a handful for some kids. When you get it rebuilt go to a tech that speciallizes in Saxes. It is money well spent to get it done right. I do not have much respect at all for the student class horns as a general rule. Lots of trash. The only student horn that I liked was the Yamaha Alto and Tener. Easy to play. I am not a teacher, but a long time amatuer Jazz and Rock player.

I'm assuming the E is actually an A. When Conn went to the letter prefix in 1963 they only used five digits. I'd say you've got a 1953. These are real monsters as far as tone goes and well sought after. In tip top shape they're worth $1800-$2000. Find a good reputable tech, there's actually many of them out there. And, For God Sakes, don't let some salesman talk you into trading it in on a Selman! Where are you located? Maybe one of us could point you to a good tech in your area.