So Colson could have made bikes for Sears. I have a 1933 Colson with 28" wheels, aluminum 700 replacements. Yours looks to be a 26" balloon tires, so perhaps later (1934?), but before streamlining (no curved top tubes). Colsons may have a serial numbers with a number for the year and then a letter for the month, (not sure if bikes for Sears as Elgins were stamped differently).
Value(?), seems like all the parts are there. Tanks like that go for $200+ any day, and racks like that (egg-crate?) seem to be out of my price range.