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@Soweto888
This site has the info you'll need to work out if the frame's the real deal.
http://www.theflyingscot.com/core/welcome.html
503D would be the 503rd frame built in 1954. A tell-tale sign of a genuine Scot is reinforced forks - look on the inside of the blades, just below the crown.
Scots aren't as popular as a lot of other marques. Unlike Holdsworth and Mercian frames, which are always snapped up, sometimes Scots don't sell. There was a renovated road bike frame on eBay not so long ago - purpley-blue, really nice. I think the seller was looking for £350. No-one wanted it. The frame was last seen on Glasgow Gumtree in February.
Frames which haven't been refurbished seem to go for about 120-150 quid on eBay. That's about right, I reckon. Remember, we're not talking about something that's really rare. Rattrays made thousands and thousands of them.
I viewed a complete, fixed wheel path racer just outside Glasgow last year, maybe the year before. It had dents and dings and the seller wanted 200-odd quid. Too much for me. It sold, though, and the next thing I know, it's on London Gumtree for in excess of £400 - for a damaged frame! Someone actually paid that for it. There was a post about it on this forum. Just make sure you don't go daft. You'll enjoy it more if you don't pay through the nose.