Yes actually it is worth something. There are lots of people out there who cannot afford to buy a bike and there are lots of organizations nationwide that take bikes like that and fix them with donated parts and make them safe and rideable for the homeless and needy. I regularly give my old parts and donor bikes to forwardmotionfoundation.org and I get a reciept and a tax write off.
The really great thing about a bike like that is you can ride it to the pub and if it disappears who cares?
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