Very probably well worth restoring. The serial number indicates that it was made in the 1949/50 time frame. If the thumb rest is the adjustable variety, it is most likely a THE MARTIN COMMITTEE, which is one of the best horns Martin (or any other maker for that matter) ever made. What does the engraving on the bell read? I need to know positively what model we are discussing before assessing the worth. If you send a few photographs via Email, I will valuate it for you.