Hey, that is really cool!  Enjoy your Ledford!  

Hey @mascis, if you can drive to Blue Lion, you can drive to the Redwood Dulcimer Day in Santa Cruz in August. Perhaps I'll see you and your Ledford there!  I'd love to see this special dulcimer.

@mascis If you'd like to post the video here, that'd be cool!  

I'd love to visit Blue Lion!  And you've got a treasure in that Ledford! 

$50?  The case itself is worth that!

You got quite a deal, indeed!  If you keep it, you've got quite a bit of interesting musical history there.  When old buildings were torn down, Homer was right there to reclaim the wood, as old wood with history--especially music history--makes the best instruments!

If you're not doing anything Labor Day weekend, fly into Lexington, KY and come attend the Homer Ledford Dulcimer Festival in nearby Winchester, KY.  On Thursday there will be a talk on Homer and his instruments at the local history museum with famed dulcimer player Don Pedi.  He'll have many old instruments for people to look at--and maybe try out--and there will be time to tour the small museum and see Homer's shop which was moved over from his nearby home.  You can sit in on some jams, maybe attend some workshops on Sat. and there will be a fantastic blow-your-socks-off concert with some of the country's finest musicians Sat. night.

I'm so glad you got to meet Bob and Janita Baker, too!  What a great immersion into the dulcimer world!

Just use the Strothers String Gauge calculator -- plug in the VSL and the notes of the open tuning you want to use (DAd, DAA, etc)  http://www.strothers.com/string_choice.html

What's the number?

There is a master list of the known Homer Ledford dulcimers which lists the instrument number, date it was built, materials, and first owner.  Sorry, I don't have the link to that, but someone here does, I'm sure.

When you take pix, be sure to get his signature as well as top/bottom and side, and a close up of the tuning head.

Fair value of an instrument like this is very difficult to determine...sorry!  Condition is always a consideration--but that doesn't mean the dulcimer needs to be in pristine condition! Some people like the little nicks and gouges because it makes them look loved and "gives them character".  There are other features that are desired by some buyers that are not desired by others...wooden tuners or geared tuners?  added frets or no added frets?  Artistically, some prefer absolutely plain, letting the pure beauty of the wood draw the attention.  Others are looking for an instrument with hand carvings and beautiful inlays.  Then, of course, there's the matter of intonation--and how it was intended to be played: noter/drone or chording and fingerpicking?  How many dulcimers were built by a particular luthier--are they easy or difficult to obtain? Is it a style, design, etc., that's in demand?  These are just some of the considerations that go into determining the value of an instrument. 

Mascis, you got a deal!  Homer Ledford dulcimers are collector items.  That was the case even before he passed away.  Check out this discussion from a few years back on Everything Dulcimer .

Depending on the condition of the dulcimer, I would think a reasonable price would be $500 to $800.  But that's just a guess; others might know better.  It's possible it's worth more than that.