Official Bicycle of the 1976 Olympics
 

I got it for free at a yard sale because the back brake needs to be repaired. Does anyone know what it might be worth.

Got any more info?

According to the following thread from 2006, those bikes were sold in department stores, not bike stores. About as low end as bikes get.

Official Bike of the 1976 Olympics

Does this look like your bike?

Picture sourced from the interwebs, not the OP's or my bike.
https://i.pinimg.com/originals/85/18...0d7793ecb0.jpg

https://i.pinimg.com/originals/6e/32...f921775dc7.jpg

If I was collecting 1976 Olympic Memorabilia this bike would be worth collecting. But in 76 if I was buying a Store Bike I would have bought a Austra made Ted Williams.

Given that the bike was given to you and in good shape it should be cleaned up. If for no other reason then for respect. If I was a bike Collector, or a Collector of 1976 Olymnipic Memorabilia the bike would have more value.

(In 76 I was a real bicycle rider and not the poser I am now. I had a custom built Tuto Compagnolo Liotto.)

These where low end department store bikes made by AMF/AMC which made about the worst bicycles, motorcycles and cars during the 70's. But they paid big money to the Olympics and Evil Kenivel to sponser there stuff. As a collectors item in good shape worth $150 or so to the right buyer as bike not worth much scrap metal value is 30 cents a pound now so $15 or so.