I'm with bassbrad on this one. It's one of those 60's or 70's "my first guitar"-type things. They were really cheap and you got them at Montgomery Wards, Sears, etc...
The main value of these things is nostalgia. Almost everyone of a certain age started on something that looked exactly like that.
That pickup looks cool, and I like the way the guitar sounds. Also, a guy wants to take it from me for $100.I haven't seem that pickup before. How does it sound?