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.