Your Cornet isn't as old as you suspect.  The Cavalier line wasn't started until 1931, and had its own serial number sequence.

That Cavalier cornet was a well built basic instrument.  A student line instrument meant something different then than today.  It was a well made instrument, that was just lacking some of the decoration and optional features of its cousins aimed at the professional market.

But, it still suffers from the reputation as being a student horn.

And, of course from the exterior it is hard to tell how worn or damaged parts may be.  But, I think I would think it falls more into the camp of being made to play well, rather than to decorate.