The kick stand was likely a later addition, added sometime before the bicycle was repainted black.
The value of girls frames is generally less than for the boys; and the value of the shorter frames is generally less than for the full size adult models; and the odd 26” Lightweight might be another detractor.
Some might suggest that the value could be in parting out the bike; but it has mostly smaller juvenile girls parts — maybe some badge collectors would be interested in the older head badge.
Perhaps the most important value placed on the bicycle, would be that of your friend who wants the bike, presumably for aesthetic looks (given or received) and practical (riding) reasons, rather than an investment for retirement? One might also compare antique 28” ladies bicycles or frames that accommodate modern 28”wheels; or classic 26” balloon or middleweight tire ladies bicycles.
How
old is the bike. There is an online website for the history of Shelby Cycle.
Preserving the memory of the bicycle industries in Shelby, Ohio
shelbycyclehistory.org
Shelby may have had a slow or false start in 1923-25, (depending upon reorganization); starting with building bicycles for actual retailers. Later, Shelby would sell bicycles with their own Shelby Cycle Co. label.
To me, the bike just looks late-1920’s or very-early 1930’s (for a Shelby); i.e., when the upstart Shelby Cycle Co. would build upon existing proven 1900’s utilitarian designs, and
not take risks in experimenting with new fangled Art Deco or streamlining.