Depends on condition. There are quite a few Jamestown rifles that are out there. I wouldn't think that $400.00 would be out of line if the rifle is in decent shape. That being said, I would check for repairs to the stock and make sure that the lock/triggers function. If there are any inlays, have any of them been replaced. Most of the original inlays had a zigzag border engraved on them with the exception of the lock bolt. If the engraving doesn't match between inlays, there is a good chance that some are replaced. I would also check the bore. Even if you are not wanting it to shoot, the condition of the bore may help to if/when you want to resell it. If you decide to pass on it, let me know as I am always looking for North Carolina rifles, regardless of condition.
Eric