Why apologize for asking a question about a flute, on a flute forum? Artley flutes were a good value for beginners in there day. They were used and abused by students for decades. (I did both!) I think Artleys got a bad rap because so many were trashed by clumsy owners, that blamed the brand rather than than there own ineptitude.
So that number 049, where on the flute did you find it? My guess is, that it was on the head joint, not the body or foot joint. I don't think that is the full serial # In the 50's Artley would put the the last digits of the serial # on the head Joint.
Sometimes in the 50's the complete serial # was on the head joint, the underside of the B key arm, and the under side the C sharp lever on the foot joint. In addition to the number on the main body, and sometimes foot joint. The serial # was often hard to find, hidden on the body and foot ribs, covered up by the key mechanics. That flute is probably silver plated nickel body and foot. Head joint is probably silver plated brass, but it could be coin silver, or silver plated nickel.
Is it worth passing on? Hard to say. It's going to need work. Get an estimate. A bad head joint cork (by now it is) or a bad pad or two can make a good flute sound bad.