A photo of a bin full of packaging boxes with brand name iPhone 5C was leaked this previous weekend. It was being suggested that it could be the name of Apple's upcoming budgeted iPhone with plastic bodies. 9to5Mac posted this image on weekend and today it states that "the image was claimed to be debunked due to some minor inconsistencies and image distortion. The inconsistencies do not seem to be prominent enough, though, to completely rule out legitimacy."
Like it said, we cannot completely rule out the possibility that low-priced plastic iPhone can be named as iPhone 5C. What comes in your mind when you read iPhone 5C that is a rumored name of the rumored low-priced iPhone? Well my guess is that the '5C' actually depicts 5 colors of this plastic phone. As it is already reported that this cheap model will come in many colors. So I thought the '5' depicts its color number while 'C' stands for colors. iPhone 5C means an iPhone in 5 different colors.
But this 'C' can also be taken as 'Cheap' instead of 'Colors'. Because it is also widely speculated that this new plastic model will be a cheap one. Though many reports points that its price will not be that cheap and it will be a mid-tier phone. But the recent CLW's working condition report at Pegatron (shanghai) has clearly confirmed that a low-priced plastic iPhone is under development but not in mass production. We cannot know that up to what extent its price will actually be low before its official announcement. Till then, we can say that the 'C' can stand for 'Cheap' too.