I agree with oddjob. Assuming that is a Gran Sport and not a lower model, I would not pay more than $30 for it as-is. It needs a huge effort to get it in good shape again. It may be too far gone.
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1964 JRJ (Bob Jackson), 1973 Wes Mason, 1974 Raleigh Gran Sport, 1986 Schwinn High Sierra, 2000ish Colian (Colin Laing), 2011 Dick Chafe, 2013 Velo Orange Pass Hunter