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Good points Bob. And as an aside, if the guy converted an otherwise stock 57 Bird to an F.E., in the eyes of most collectors he has devalued it..
Paul
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Not trying to stir the pot but the thermostat housing doesn't look T-Bird, nor the location of the dip stick... can't tell for sure but I can't see the water pump spacer either.
BOB
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Even if it were a 292 the rocker covers, intake and carb are worth $350.00.
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It is. I know the man the owned it and I know the car it came from---a 1957 Ford Thunderbird. He took this out and put an FE motor in the Thunderbird. I ran every # on this engine, i just have the check the crank( it still has the tranny attached. 
Jeff Leydig
Stallions Auto Interiors
Stearns, Ky. USA
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"If" it's actually a 312, with all the extras that came with it, you got a deal...
Paul
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The 312 I bought was local and I have it sitting at my shop already, no shipping charges. This is a running engine and no smoke.
Jeff Leydig
Stallions Auto Interiors
Stearns, Ky. USA
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Further, if contemplating buying a 312 engine, is it really a 312? And if so is the block sound! One of the things that has raised the price is that some 312 blocks have been ruined by over tightening the main bolts & cracking the blocks. Also keep in mind that in 1956, only about 17 percent of Fords were sold with 312 engines.( somehow there's now more on the market than were originally built) And later on in the 70s & 80s or so, literally dozens of 312 equipped Merc's due to their robust construction, were destroyed in Demolition Derbys! So, compared to 272 & 292 engines, 312s along with their cranks and rods, are now unfortunately somewhat rare...
Paul
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And that was a great buy! What really hurts now is the expense in shipping.
-Gary Burnette-
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I bought a complete running 1957, 312 with automatic transmission, Genny, power steering pump, and starter for $350.00 
Jeff Leydig
Stallions Auto Interiors
Stearns, Ky. USA
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312s often bring more than $500 all the time if it's a good core. I bought one from Bobs tbird ten years ago guaranteed to be a good rebuildable core and paid $500 for it then out of Fla. 312s are simply not cheap like 292s and it's been that way for quite a while.
-Gary Burnette-
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