Mary, in reply to your question: "does any one know how old this tool is"? Yes! I have this tool (handed down to me from my father. On the instructions, he wrote (as he always did with all his tools) the date of purchase and the price:

2/22/54

$47.95 (with case)

Doesn't that seem like a lot for 1954?

Mine needs a new power cord (badly), but this model doesn't seem to be listed any where on the Sears Parts site.

Paul