Clearly, this bike is a medical doctor born in 1924.
Actually I just did a serial number search for Hercules and came up with nothing useful. Your best bet will be checking the components (hubs, brakes) and seeing if there's a date code or year stamped on them.
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A race bike in any era is a highly personal choice that at its "best" balances the requirements of fit, weight, handling, durability and cost tempered by the willingness to toss it and oneself down the pavement at considerable speed. ~Bandera