That's good since you should be able to sell it for that or maybe a little more. The important thing is that now you know the real ID and potential value!
The quality is fine, in fact Giant has built many high quality bikes. In many ways it is better (certainly lighter) than a '60s or '70s Chicago built model. Unfortunately for most Schwinn enthusiasts it isn't nearly as desirable.
That number means it was built on the 43rd day of the year, and although the year digit is not visibile everything on the bike jives with '87.
Schwinn never built lugged frame Collegiates in Chicago. The color, crankset, and other details match the '87 catalog info.
The 3-speed coaster was standard on the Giant built lugged frame Collegiate in '87. The Chicago logo only referred to the headquarters. What is the 4-digit number stamped on the headbadge? That will confirm the day and year of mfg.
I believe that's an '87 Collegiate made by Giant in Taiwan for Schwinn: http://bikecatalogs.org/SCHWINN/1987/Sport_Cycles/World_Tourist_Collegiate.html
It's worth about $50.