Hard to tell from the pic, but are those fauber cranks? They look to be on the DS, but the NDS pic makes me think maybe not....
I don't believe the frame is Raleigh-built. I'd say it's gotta be earlier than 1960, which is when Raleigh took over BCC (which included Hercules.) Apparently, There were Hercules-badged bikes sold by a midwestern dept store WBITD... I'd be surprised to see one with lugs like that, though....