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The 1914 Date is simply the patent date of the instrument (for the rolled tone holes). I would assume what you have is a vintage Conn Alto saxophone. The L is for Low Pitch (which is fine). Cannot remember the other longer number, probably the body, style and color number. The actual number used to date would be the 97862, which puts your instrument around 1923 to 1924 mfg date.
Pricing would depend on condition. I have seen these go for anywhere from $100 to $800. If it needs all new pads, adjustment and repairs, then it will be at the lower end. Also depends on if it is rusty or not. Lacquer condition is not always a factor, but rust means poor care.
Many sax players love good vintage horns that play. But, no one wants a sax that cannot play. We call those lampshades. Let us know more!!
You can track saxes on ebay and get a general idea of their worth on the open market.
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