It's barely worth that. The 'stars' chain ring is worth a few bucks. 1959-62 or so. If you really like it, ok, but probably never get your $ back if you wanted to sell. Imho. -Adam
Yep, it was a junior line under Elgins, for a year or two before the war. And, Westfield, who also had a 'Columbus' badge that's almost identical! Note the "501" for Westfield, as opposed to Murray's 502. -Adam
Looks like maybe a wartime bike. I don't think I've seen that chain ring in 1/2" pitch before, it is CWC though (makers of Road Masters). Check the BB for serial, and any codes at the end of the #. -Adam