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 !