From the picture I can tell you that it is NOT, repeat NOT a 392. To begin with it does not have a water crossover manifold and uses a wet intake. This indicates its a pre 1955 331 cu. in. motor worth about $500 - $700 if its running and in good condition. A running 392 is worth maybe a grand or $1500 but not what he's asking.
When you go look at it, check the deck just in front of the intake and behind the water pump on the passenger's side of the block. There will be a stamped set of letters and numbers there. If this number starts with anything other than NE57, 3NE57, 58N, 58N3, CE57, or 58C it is NOT a 392. So many people are unedcuated when it comes to early hemis that they believe they are all 392s and if you don't know how to tell the difference it can bite you. He probably doesn't know that its not a 392 but in this case just looking at the picture its easy for someone who knows them to tell its an early 331. Another indication is the location of the oil filler tube. On later models it is located behind the water crossover manifold in the valley cover. In the picture you posted its located on the water pump cover. Wrong place for a 392 but the right place for a 331.
Here is a picture of a 1955 Chrysler 331 which uses the same water crossover manifold which incorporates the thermostat housing that the 392 uses. If his engine doesn't have this crossover manifold its definatly not a 392, and from the picture you posted it doesn't.
View attachment 90217
Here on the other hand is a picture of a 1954 331. Chrysler hemis prior to 1955 use a wet intake with the thermostat housing in the intake manifold. Looking at the picture you posted its pretty obvious the engine has a wet intake.
View attachment 90218
After you check the numbers by the valley pan check them on my web site (
http://www.hotrodsandhemis.com) to see exactly what year it is (51-54) then make him an offer. If it has the extended bellhousing which is cast into the block its worth maybe $500 in running condition. If it doesn't have the extended bellhousing then its a latter half '54 331 and is worth a couple hundred more. With the extended bellhousing models, you don't have the transmission choices you do with the '54 and later Chrysler hemis so they're not worth as much.
Good luck.