Is this Spalding 7 iron valuable?

I got a Spalding 7 iron in a set of mix matched golf clubs a friend bought for me at an estate sale. On the bottom it says Spalding 7. Then there is a grove on the side (picture the indention of sticking your finger flat on play dough) with Johnny Palmer written in red cursive. Then in the second grove it says Tournament in black cursive. To the left of that word picture a clock. at 9 and 3 there is a star. A large S is in the center. The top arch says Reg. NO. and the under arch says 3/23. Ill admit Im not too intelligent, but to me 3/23 means I have one of the 23 that were ever made. Im just starting to learn how to play golf and I need to know if it has any value and if I should be using it or not