What bike is this?
 

http://img705.imageshack.us/img705/8736/pict0520q.jpg

http://img850.imageshack.us/img850/9447/pict0519s.jpg

Person is asking $25. Probably can get them down to $20.

Has a little rust it looks like but I'm more worried about the missing seatpost.. are those easy to find?

What possible issues would there be...

Worth picking up?

Yes,
it's old
Yes for the hubs and the handlebars

Pretty basic bike with an odd mix on it. Those brake levers are for flat bars, not drop bars, so plan on replacing them. A bit of a mess. $20 is nothing, so its up to you. Myself, I would aim higher.

what does the headbadge say? looks .ike a Columbia. personally I would not go near it unless you needed steel wheels for something you already have running

Cheap department store bike, probably from the 70s. Even in perfect working order this bike will have almost no braking power and will be extremely heavy. Reminds me of a Coast King I bought from the thrift store for $7 to get me through the last couple weeks of school one year after I'd sold my normal commuter. Mine was at least complete but still barely worth the $7 I paid for it. I abandoned it at the end of the year not having enough room to take it home with me.

That one needs a chain, saddle, seatpost, correct brake levers, and bar tape. Even if you have a saddle and brake levers you're still looking at another $30 to get it running again. I wouldn't bother, there are other cheap bikes out there. This one is really bottom of the barrel and IMO worth maybe $20 in ready to ride condition.

+1, the stays attaching to the top tube, just in front of the seat tube are a Columbia characteristic. The Ashtabula crankset, block pedals and Huret Allvit derailleurs and sidepull brakes point towards a boom era model 5610 city bicycle that has been converted to drop bars and stripped of the mattress saddle and post. These USA made, boom era, entry level models tended to use either 13/16 (21.15mm) or 7/8" (22.2mm) posts, though I don't remember which Columbis used. The latter is still common on inexpensive BMX bicycles.

This bicycle is bottom of the barrel. In addition to the missing saddle, chain, seat and bar tape, it looks like the pulleys on the rear derailleurs toggle wheel (and possibly the jockey wheel) appear broken or very worn. I don't think this is worth the money, considering what you would have to put into it, unless you already have the parts sitting in a stash bin. Lastly, this is a lugless frame, from a period and level where lugs actually contributed to the reliabilty of a frame.

I probably wouldn't buy it there is little upside on this bike. When it comes to bikes of this era age you want to find something with a lugged frame and three piece crank (even cotter pin) unless it is realy nice looking Schwinn.

I'm with Bianchigirll - looks like a Columbia. It's take a 7/8" seatpost, btw