Is that a peugeot U-08, or what. I like it. Nice old classic from the bike-boom days. Offer him $200.00. It's not a high end frame, in fact if it's a U-08 it is the low end frame. I had a U-08 in the olden days and it rides very good even if it is gas-pipe steel tubes. You are going to have a rarity - you won't see a lot of these, and that cache is worth something.