Hi. Inverloch's link is helpful but not the whole picture as it shows a Loomis IM6 - yours is a GL2 and made from a different carbon composite.
This isn't a fly rod but what Loomis call a 'Conventional rod', so spin and bait, I guess. This, I think is what the 'HS' stands for (somehow!).
The '98' is the length in inches - 8' 2".
The '1' indicates a one-piece rod.
The 'B' indicates that the rod is not from the Loomis factory but was custom built on a blank.
GL2 is the model.
The GL2 was a replacement for Loomis's 'Premier' series first offered in 1982 and built on '96% Graphite' blanks, Loomis's first composite blend which he originated in '74 when with Lamiglas so, in this instance 'Premier' denotes G. Loomis's first production rod, not their finest, most expensive marque.
By 1992 technology had moved on and the 'Premier' range were Loomis's budget rods, cheaper than the IM6 and IMX rods which followed it and really made the G. Loomis reputation.
The 'Premier' was discontinued and replaced with the GL2, a rod built on blanks with a similar modulus to the Premier's '96% Graphite' but using contemporary cloth and resin.
By the '90s certain resins had been discontinued by their makers and replaced. Rod production had to change accordingly, hence the introduction of the GL2.
The GL3 replaced the G. Loomis IM6 series but the GL4 wasn't an IMX replacement - but that's another story.
So, you have a decent little custom-built budget Loomis 'conventional' fishing rod. Whilst the GL2 name doesn't carry much weight the fact that the rod is a one piece may act in its favour, particularly as you are in the States - they seem more popular there than in the UK from what I have read.
I shouldn't really offer you a value as I don't know the non-fly market and you don't show the whole rod but, my guess, going by past eBayUS GL2 sales (all models) is between $100 and $150.
Hope that is some help.