Its probably worth that in copper, but I don't keep up much on scrap prices.
The torpedo part is close to the same as a lincoln sae 400 engine driven welder, its just driven by a electric motor instead of a gas engine.
They are a good smooth stick welder, but looks like that one goes to 400 amps, so unless you've got huge 3 phase power coming to your shop, it won't do you much good.
And really not many guys have a use for a stick welder that will go to 400 amps anymore, which is why its so cheap.
It would be good for carbon arc for someone had the power. I have used a couple of those. Ironwirking companies bought them used for factory repair. They often had running gear on them. I think they made a 600A too.
Later they went to idealarc trannys. Could make them cc/cv and they may even made this style in them but it's been a long time ago. I mostly used trannys in 6 and 8 pack and 600 to run feeders and air arc.
I agree, very few would have use for this big to run sticks. Over the years had only occasion to run rods bigger than 5/32 lo hy and a little 3/16 5p. Big hi rise on some splices and little deck plate, really big demented stuff. Never working for myself.