It's a German abbreviation for "Lochcover" which translates as "hole cover" so that's a generic one colour paper or card sleeve with a circular hole so you can see the artist / track names on the record label itself - it's usually noted because the record is expected to come with it's original or official picture sleeve, which is probably missing due to it being a promo / test pressing / second pressing or forgetfulness or maybe someone spilt coffee on it & it looks better in an LC.
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The only thing different about coloured vinyl and regular vinyl is that the red vinyl usually makes it collectible and therefore valuable.
A vinyl record sleeve
Original Pressing (First Pressing)
Usually vinyl, some recycled vinyl does appear in some cheaper records, but sometimes virgin vinyl is available.
If you purchased the vinyl records and they are yours and you are not going to use them in a public performance or make money out of them, then go for it.