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That is a valve that was used to release the original refrigerant charge from the condenser & compressor unit into the lines and evaporator when those were installed and evacuated - the bubbles mean that it is leaking. You can find a cap at Ace but will have to really clean the threads on the valve body and then use a sealer, such as Nylog or similar, on them since the cap area is not a flared fitting.
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