The "L" stands for low pitch, which means that it is playable to modern tuning standards.  The "C" means that it is a c-melody saxophone, a type that was sold in the 1920s.  Liberty was the "stencil" brand of the merchandiser, not the manufacturer.  It was produced by the Elkhart Band Instrument company, a consortium of Conn and Buescher.  There is very little demand for c-melody or stencil saxophones.  It might be a good horn for a casual player or a beginner.