A long time ago I was riding a city route on a Philips 3 speed. During the winter I wore jacket's like the OP's that I picked up used from the local consignment shop. They worked just fine, and a new jacket would have been great if I could have afforded it.
These days I play the odds more mathematically with hi-vis hi-tech fabric jackets, but I still appreciate the other attitude.
__________________
Work is the curse of the drinking classes - Oscar Wilde