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Serial no. corresponds to 1962 Cinelli. see http://www.cinelliregistry.org for comparable nos, in same year.
I am not sure of value as it has head badge but no decals, painted fork crown, some rust and bubbling, likely not original finish etc....You have to factor in cost of restoring the frame. Not sure in UK market what that would cost, but I would estimate about 500 GBP over here (Canada), so likely more like 750 or more in the UK. Certainly Mercian or Argos would charge that, or more....