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I have one that I picked up at a swap meet much like you said, someone was begging me to take it. I paid $13 for it plus another parts motor. I also have the 3.5hp twin that was built only in 47, Mine is not nearly as nice as yours, but I have to say that they are probably the most under respected motors out there. Back then, Sears stood for quality and value. These are very simple high quality motors. They start and run great and have simple magnetos that still work as well today as they did back then. (Try to find a Mercury or Johnson from 1950 that can still run on it’s original coils!) I often use mine as a “Just in case” motor. When testing a new build or other motor, I can lay the Elgin on a matt on the floor of the boat and it is only a few pounds. It comes in very handy if you would rather not row back to the dock if something was not quite what you were thinking……(Like lost a prop…) I really don’t need any more of them, but I am going to keep the two of them I have for sure!
Steve