Well, that sounds generous considering we do not know which Ballard rifle you have. There are about 12 different models of the Ballard, and some are considerably more valuable than others. In the condition described, it may be very high for the lower quality Ballards such as the more common Number 2 Sporting rifle, and it may be very low for the higher quality guns like a Number 6 Schuetzen.
The serial number does not help since there are very little (really no) serial number informaion available. We cannot tell which model you have from a serial number, nor do we know the caliber of your Ballard. That affects the value as well. Some Number 2 Sporting Rifle calibers are rarer than others, making them more desirable than the common ones, therefore more valuable.
We would need either a picture or a very complete describtion to determine which model Ballard rifle you have.
Due to the increasing cost of ammunition, there be no warning shot!
The growing federal deficit = generational slavery to the national debt.