I'm not sure how much it cost when it was new, and the slightly rusted frame makes it hard to judge. I will save myself over $400 converting this to a fixie. When the time and money are right I'll buy an IRO. Anyway, the thing has lasted for 40 years, and I got it from a bike lover, so I can't imagine it's that low end. Is the frame a road frame? What characteristics does the frame show, if any?

My amateurishness is showing...