To say it was never installed is probably not correct but it appears to be a warrantied removal pipe. You can see the ring marks where the collar was tightened on the flange.
(I was a parts manager back in the 70s)
As to the value of it?
Being it is the number 3 pipe(which is one of the last pipes to rot, #1&2 being the 1st pipes to rot out and sought after), and the ding/marks, it isn't a pipe a serious collector/restorer of very low mile original bikes would usually buy, but probably an owner of a rider bike would consider it, so it's value(condition factor) is lower.
You might get $700-$900 for that #3 pipe??? It depends on how much money someone has in their disposable income pocket.
