Obsolete term for low price; not used in modern Japanese. Replaced by 安い or 廉価.
In old documents, it is written as '廉なる品' (inexpensive goods).
Obsolete term for moral integrity; not used in modern Japanese. Replaced by 清廉 or 潔白.
He was known for his upright character.
廉価 is the modern compound still used to mean 'low-priced'; 廉 alone is an obsolete word with the same meaning.
潔白 describes being morally clean or innocent, a modern equivalent to 廉's obsolete sense of 'pure, honest'.
The kanji 廉 historically carried meanings of 'cheap' and 'upright', but the standalone word れん is obsolete. The exact derivation is uncertain; the kanji is conventionally associated with these meanings.