I have a model 37 I also paid $150 for, six or seven years ago. It's in beautiful condition, perfect mechanically and very nice blueing. I refinished the wood and installed a Decellerator recoil pad.
Funny story, I picked it up at a gun show for a friend. I knew he had mentioned a couple weeks earlier he was looking for a good 12 gauge. When I called him later he hemmed and hawed and said it was for a friend of his, then this friend said that $150 was too much, he wouldn't pay more than $120 for a used Ithaca. I think he was a wheeler-dealer who thought he was going to take advantage of me. I wasn't happy about that and I also would never buy a gun for someone I didn't know real well so I kept it. It's now my favorite shotgun. His loss was definitely my gain.
Serial number is 277,XXX. I assume mid 50's?