Those are fairly common- or, at least common enough that the available supply is adequate to meet any collector demand.
What you have is a trapper-style first base mitt. Rawlings first introduced this style of mitt in the early 1940's and it was so popular that other glove makers were soon selling their own versions. The model number (three digits) indicates that this mitt was made pre-1949 (in 1949 Wilson began using four-digit model numbers, preceded by the letter "A"). In fact, this particular model does show up in the old Wilson catalogs compiled in "The Vintage Baseball Glove Catalog Source Book" as a late 1940's offering.
(The Glove Catalog Source Book can be found on eBay or here:
The Glove Collector)
Besides the relative availability, there are a couple of other things working against this mitt being highly collectable. According to the catalogs, this was a youth model, meaning that it was smaller in size than the larger adult mitts. It might generate a little more interest if it was a top-of-the-line adult mitt, suitable for professional play.
Apparently, this is an unendorsed mitt that does not bear the stamped signature of a professional player. If this mitt carried the endorsement of a popular or Hall of Fame player, say Jimmie Foxx, the collectible value could raise ten-fold.
As it is, you could probably put a top retail value of about $30 on this mitt- if you found just the right buyer. Glove prices on eBay seldom reach the full retail value, with the exception of the most rare or most sought after models.