The no. 500 was a cheaper version of the Millers Falls no. 5 tool holder, made of a cheaper wood (birch instead of a tropical hardwood); lacking the steel reinforement in the cap; having less complex knurling on the steel; and enjoing a less expensive finish on the tools (polished, not blued). It does not appear in the 1887 Millers Falls catalogue, and by the 1938 catalogue it has already come and gone (by 1938, most of the tool holders were discontinued, in fact. The following illustration is from Catalogue no. 35 (1915); which gives us at least one fixed point when trying to date the tool.
The original set included 10 tools, as illustrated here, from the same catalogue:
The current example retains only one of the tools (the 1/2" chisel), but is otherwise in G+ condition, maybe VG. The cap is intact, as are the jaws; the plating is 85% or better; but the body has checked (split along the grain), and the wood has broken in parts at the point where it is threaded to receive the cap.
Hollow-handle tool sets used to be popular on the market; my (anecdotal) information is that they have fallen on hard times. A complete set in VG condition would probably fetch $45-$55 at a tool show, $75 on eBay. With all but one of the tools missing, this one would probably go for $8-$12 at a show, maybe $15 on eBay. Kiwanis price? I'd say $5.