It's a "classic" wood & canvas canoe. When restored they are very pretty and could be valuable depending on who made it and how old it is. A few craftsmen still build them and they go for $3000 and up.
Unfortunately, restoration is not something that you can do in your back yard. The wooden hulls are somewhat flimsy until the gunnels,thwarts and bresthooks are installed. It's quite possible that this old hull has defects like breaks and rot that make the hull appear weak. The water tight membrane is canvas that is stretched over the hull with a come-a-long and then tacked and painted. Again not a home-brew job.
As long as the boat is not altered so as to make restoration impossible it is worth something. Only an expert can say how much. Glassing the hull may or may not make the hull usable and would certainly reduce the boat's value to nothing.
These canoes are in a nich all their own. You would to do well to familiarize yourself with this type of construction before you procede. Probably the best known book is "The Wood & Canvas Canoe" by Jerry Stelmok and Rollin Thurlow.

Charlie

: A neighbour is restoring his father's old cedarstrip/canvas canoe. He has
: removed the damaged canvas leaving flat ribs covered by thin (1/8" or
: less) 2.5" wide cedar strips. The strips are not tight to each other,
: but have approximately 1/16" gaps between them. Several of these
: strips are missing and will need to be replaced.

: He wants to eliminate the canvas and leave the outside as natural looking
: wood with the brass nail heads (attaching the cedar to the ribs) showing.
: His idea is to replace the missing cedar strips, leave the gaps and just
: fill them with epoxy/sawdust mixture, then glass the outside with one or
: two layers of 6 oz. fibreglass. There is not much strength with the very
: thin cedar, but he is hoping that by glassing the outside and using the
: ribs for strength, he can get away with just varnishing the inside, where
: the ribs prevent him from glassing. Any advice before he gets much
: further?

: John