I acquired this mandolin in the spring of 2009 and even with the water damage it still had a market value of $96. I would expect a similar mandolin in better condition would be 2-3 times more valuable.
This is an original Strad-O-Lin Mandolin from somewhere between 1920 and 1950. It's complete and except for the water damage on the end it's in great shape. Although it has the damage, it's still playable and has a great warm sound.
Strad-O-Lin was a company started in the 1920's that made cheap mandolins and was bought in the late 1950's by Multivox/Premier when they then expanded into guitars and other instruments.