This character is a Letter Number and is mainly used in the Latin script. The codepoint has the numeric value 50. Its lowercase variant is Glyph for U+217CSmall Roman Numeral Fifty.
The glyph is a compatibility version of the glyph Glyph for U+004CLatin Capital Letter L. It has no designated width in East Asian texts. In bidirectional text it is written from left to right. When changing direction it is not mirrored. The word that U+216C forms with similar adjacent characters prevents a line break inside it. The glyph can be confused with one other glyph.
The Wikipedia has the following information about this codepoint:
A numeral (often called number in Unicode) is a character that denotes a number. The decimal number digits 0–9 are used widely in various writing systems throughout the world, however the graphemes representing the decimal digits differ widely. Therefore Unicode includes 22 different sets of graphemes for the decimal digits, and also various decimal points, thousands separators, negative signs, etc. Unicode also includes several non-decimal numerals such as Aegean numerals, Roman numerals, counting rod numerals, Mayan numerals, Cuneiform numerals and ancient Greek numerals. There is also a large number of typographical variations of the Western Arabic numerals provided for specialized mathematical use and for compatibility with earlier character sets, such as ² or ②, and composite characters such as ½.