The bike is one of the Pierce badged bikes made by the Emblem Manufacturing Company of Angola New York. They purchased the name from the original manufacturers in the teens and produced bikes branded with that badge (and others, including Emblem) into the mid 1930's I would guess the bike is from the mid twenties through the early thirties and the same frame was offered in balloon tire form from about 1934 until the company closed its doors (about 1936)
I would say the Pierce badge has a cachet that attracts people and probably makes the bike worth more than the same bike with another badge but ultimately the bike is probably worth about the same as a similar Schwinn in similar condition but will be sought by a smaller group of collectors.