Packard Bike Question

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Can anyone tell me anything about this bike? It says Packard on the front but don't know anything else about it -- year - what they might be worth - is it original paint? Thanks in advance :)
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I'll hazard a guess at late 1930's, early 40's. There were some similar bikes built as late as the 50's, but I think the Packard name on bikes is pretty much pre-ww2. I really have no idea of the value.
 
The bike is a Colson. Colson was one of several companies that sold bikes badged as Packard but there is no relationship to the automobile of the same name. The bike is at earliest 1938 judged by the sprocket and chain ring that were introduced that year, and no later than 1942 as this frame was not in production after WW2. It is not in original paint, the overpaint of the headset cups and nut show that to be true. The rack is an aftermarket accessory piece and the saddle is from the 1950’s. otherwise the bike looks to be fairly original

As for market value the bike is perhaps worth about $75 to $100 to someone who might buy it to ride and maybe worth that much to a collector who might buy it for parts; parted out you might realize about twice that much money.
 
thanks alot everybody for the help -- a novice like me who picks things up at garage sales had no idea. Appreciate it!!
 
Oh one more question -- if I wanted to keep it and actually ride it -- would it lose any value it has by fixing it up and repainting it and chroming parts of it - or is the value of it -- which isn't much - be lost with restoration?
 
The first thing to do is to see if you can remove the overpaint; there may be a nice original paint bike living underneath. If that doesn’t prove to be the case then a restoration would definitely add to the value of the bike but keep in mind that a true restoration with proper paint, pinstriping and chrome will cost well over $1000 and add about $400 at most to the market value of this bike. Cleaning it up and riding it is the best investment as it costs little and rideability adds to the salability of a basic bike.
 

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