For smoking? My humble opinion is no, it probably isn't. For collecting? No idea.
edit: not saying it would smoke bad or anything, but my guess is that you can get something modern that smokes much better for half the price today. But if you're considering a pipe like that for $450 you're probably not simply looking for a pipe to smoke anyway, so this is probably irrelevant. x)
Heavy price for a pipe that looks like a "meh" smoker. Also looks much more delicate than ideal.
It might be a good price if your a collector only, and you know something about the company that made it or it's background. I wouldn't pay anywhere near that though.
I'm certainly no expert, but I do admire antique pipes. I would guess its real worth as a collectible, something closer to $250-$300. Personally, I might buy it around $125, but then I dont have too much cash to throw around.
What is it actually worth ? Whatever someone will pay for it.
I would not call you a fool for paying $450, if its worth that much to you.
You can find similar antique pipes for much less, but most of them won't be this nice either.
Just want a nice pipe to smoke ? You can buy 95% of all the churchwardens on the market for less than $450.
Want a super nice 135 year old meerschaum pipe with silver fittings, and a long cherry stem in a handsome wooden case ? Looks like you found it !
htmn246: I don't know if we're talking about the same series (and I could have gotten a bad one) but I was disappointed in mine when I first smoked it. I bought a Peterson rusticated dublin churchwarden a while back and I think they had dip-stained it (submerged the whole stummel in the stain). It took a great many smokes before the pipe cleaners stopped coming out red from the stain after I inserted them in the stem after/during smoking. It smokes okay now but I wouldn't really say "great", but then again it might be psychological after the bad break-in period. I think it still has trouble absorbing tars and stuff because of the stain, but I'm not sure of the physics behind it.
On the positive side it's gorgeous and very light, sits very comfortably when clenching.