Looks like a good deal to me.  It looks like it doesn't have any major damage and the finish looks very nice.  The "L" stamp means that it is a low pitch horn, playable to modern tuning standards.  Pan American was the second line brand of C. G. Conn from 1917 through 1954.  They were slightly watered down versions of the horns Conn sold under their own name, but still have a lot in common with them.  Right-side bell keys were introduced on their main line baris around 1930, but that still leaves us guessing as to when they were introduced on their Pan Americans.  The Pan American serial numbers are not in sequence with the Conn serial numbers, so they yield little information as to the production date.  Conn started with the convention of leading the serial number on their second-line horns with a "P," then apparently changed that by the time this horn was made.  The date of that change is not precisely known, but I would be willing to speculate that the change occurred when the Pan American company was absorbed by Conn ca. 1930.  My best guess is that this one was made during the 1930s or 1940s.  Getting a good, playable bari without breaking the bank is an occasion for joy!

http://www.saxpics.com/?v=ser&manID=3

https://cderksen.home.xs4all.nl/PanAm-index.html