Looks like it would be a bike to try to restore. The older Hercules don't seem to be as numerous as the old Raleighs. I have a Hercules Skyliner that we have yet to find in a catalog anywhere. It is probably a post war to early 1950's bike, step through frame, single speed freewheel, rod brakes with 26" (590) wheels. It also has the "Hercules" chain ring, not the "H" style you have. It is definitely pre Raleigh.
Aaron