Glad to hear you plan on collecting. Its unfortunate the lady didn't know what she had, but then you didn't know if you were getting a deal or not. For the condition yours appears to be in, I think if you check fleabay you'll find that price is fairly accurate though your mileage may vary. Congratulations and welcome to AAPK and knife collecting!
I'm so busy I don't know if I found a rope or lost my horse.