Need to know what it is and worth

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I'd say it's a Hawthorne Flyer, late 30's. Missing the tank, which is a shame, and any accessories it once had (horn, light, etc)

It's still worth in the $100 range and would be a cool vintage-custom-resto as well with a more modern wheelset and new paint.

A very nice example is worth closer to $500 from what I've seen. That would be complete, with original black/white/orange paint and everything.

Have fun with it!

Here's an earlier one with balloon tires on it so you can get an idea what the paint would have looked like:

http://www.flickr.com/photos/33328053@N06/3483129085/

--Rob
 
c3maddox said:
I just picked it up for $40, now what?


That's easy! As Jake would say - Git 2 Buildin, Peace!
 
Okay I started taking this apart and found a serial number but can't track it down. 4L1909 on the bottom of the bottom bracket

Any help would be great
 
I'd say you made a great purchase. That looks like a Colson dropstand which would bring what you paid for the bike any day of the week :D
 

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