It should be a Model 49 Saddlegun. Produced starting in the early 1960s up until 1979. The 49R that had a 15 round tubular magazine sold for $59.95 new in 1969. I don't really think you could get hurt. Just depends on what you want it for.
I had a .22 mag model 49 a few years ago. it wasnt a bad gun. Not an overly expensive gun but it shot pretty good. Made a good behind the seat plinker. The .22 would have been better just for the price of ammo to shoot.
Joshua, i bought one at Bradis a few years ago for around $60-75 and it was pretty ugly. Very simple guns, but from what I hear, about impossible to take down. Soft cast reciever of an aluminum alloy/pot metal. Mine is super accurate, especially for the cost of the gun. I plan on cutting down the buttstock and letting my son use it as a first rifle. It's a good price for the gun.
I picked up a nice one (single shot) at the 1500 last time for $80. My son loves it, but it's just larger than "kid size", even if it were cut down I think the comb would be too low for their small faces.
That was my first gun. Learned how to squirrel hunt with that 22. I still have mine infact. Pretty accurate too. Lets see, I turned 12 in 1967, and my dad bought it for my birthday. Mine came from Sears & Robuck, Company. They later turned it into a Ted Williams, but was still the same gun, made by Ithaca. Great starter gun for a kid, but you may have to trim the butt off to feel comfortable. $80 dollars sounds like a fair price to me. (No Mine is not for sale LOL)
High Bid: $80.00 Watch LotSOLD Ithaca .22 Cal. Single Shot Lever Action Rifle - P
ITHACA .22 CAL. SINGLE SHOT LEVER ACTION RIFLE - POOR COND. - SER#202026