Depends on which era it was made. Marlin bought the L.C.Smith name in 1946 and continued building them until 1948 when part of the old factory collapsed, then they stopped. Quality of those post-war Smiths was ok. Some say not quite up to the standards of the pre-war guns, but there's debate on that.
Marlin re-introduced the Smith gun in the late 60's for a few years, but quality was definitely lacking somewhat, compared to the pre-war guns, and production fizzled out.
$1500 isn't out of line if it is in wonderful condition. There is nothing sweeter than a 20 gauge Smith for about 80% of all shotgunning needs. Not being able to sight down two barrels is hogwash- a box or two of shells will have you pointing and shooting it like you've been doing it all your life, and wondering why you never made the switch to a quality double before. The splinter fore arm on shotguns like these were not meant to be grasped in your hand. To do so will cramp up your swing. It's SOP to grasp the barrels slightly ahead of the forend, with your arm extended- it'll make for a more natural swing on moving targets.
