Probably not, but don't throw it away.

Raleigh is a good brand, ranking with Schwinn in recognized quality. Along with Schwinn, Raleigh is one of the few brands that you can date by serial number. That one appears to be extremely clean, assuming the wheels are actually that rust free, and not just sprayed over with silver paint. Ebay lists a number of three speed Raleigh's in the $150 to $250 range. I have no idea how many sell, though. Shipping is the killer on Ebay bicycles. Selling on craigslist, you'd be doing good to get $50. Classic bicycles don't have much monetary value, it seems. There are folks who go nuts over them, but the supply of good condition classic bikes is so great, that prices are kept low.

My suggestion is don't sell it. Refurbish it for about a hundred bucks(tires, tubes, cables, chain?, bearing grease), and ride it. Most importantly, don't repaint it! It's a pretty much guarantee that whatever you put on it will look worse than what it has now.