I've run across these a time or two in my search for a pipe with a wind cap. In my search efforts the only thing I have come to find out and/or believe, is that these pipes were marked as "Bruyere Garantie", or genuine briar, I think, by companies that had deemed that particular piece of briar as a lower quality piece. They still wanted to make the pipe, but they just didn't want to stamp it with their company branding, so they became a cheaper version of what they turned out regularly. I think a lot of companies did this back in the first half of the 1900's I think. As far as value, maybe some others will chime in, but I don't think they're valued too high. Of course, value is in the eyes of the beholder. I don't think I ever saw one being sold for much more than about $50. If I saw one I really liked, however, I might pick one up, just because they look neat. Not sure how they smoke, but as long as it didn't smoke like trash, then maybe it's worth having something like it just for the different look/feel of it.
Edit: But as Lawdawg just said, you would be better off finding something more recently made, or better made than this one for a pipe you want to smoke and enjoy the tobacco with. I would probably only have something like this as more of a cool little novelty piece.