That’s a truly great barn find, one of the Holy Grails of antique outboard collecting. Tom Oncken here in the club is the Indian Special Interest Group leader and I’m sure he will contact you about this. It would be helpful to Tom’s documentation process if you could post a picture of the motor’s serial number found on the right side of the crankcase just next to the cylinder. The serial number will be something like DOxxxx. As far as value, recent sales of Indian outboards in decent condition have brought several thousand dollars, so you have found something special.
Bob
1937 Champion D2C Deluxe Lite Twin
1954 Johnson CD-11
1955 Johnson QD-16
1957 Evinrude Fastwin 18
1957 Evinrude 3022
1958 Johnson QD-19
1958 Johnson FD-12
1959 Johnson QD-20
1982 Evinrude 25hp
“Every 20 minute job is only a broken bolt away from a 3-day project.”
"Every time you remove a broken or seized bolt an angel gets his wings."
