Wow! $200 is a great deal! And how neat that the letter stayed with the machine all these years.
My mom bought a new Featherweight before I was born (in 1951). She taught me to sew on it and I made all my doll clothes and then my own. When I was 15, Mom traded it in for a new Singer. She didn't want to trade it, but wanted me to buy it instead with my babysitting money. She couldn't afford to keep it if I didn't buy it, but had to use it for the trade-in discount. However, I was a typical 15-year-old and wanted to use the new machine, not the old Featherweight. I've regretted that decision many, many times in the past 43 years, believe me!
Luckily, I found a Featherweight in the used section of a sewing machine store for $25 in the late 70's or early 80's. It's a 1949 model; Mom's was either a 1949 or 1950. I stopped sewing in the mid-80's and put it away for years. The timing was off when I got it out last year, so I had it tuned up. The technician offered me $500 for it, but I said no way. It sews beautifully now and takes me back to my childhood when I use it.
By the way, I would never have mine painted because it would affect the value and I like the original black, but I have to say I love the painted Featherweights. They're so shiny and cute. Wish I could afford to buy a couple of pink ones for my granddaughters. Or one pink and one purple.
Enjoy your new purchase!
Sandy