Looks like a project for a welding class at a trade school.

It's a salvage title from Mississippi, thus the "MS" letters to start. My car has a Colorado salvage title, starting with "COLO".  Not that unusual for 50 year old hot rods. Just imagine how much fun it would be to keep track of when and where all the parts on your car came from. Makes a salvage title look a lot simpler.

Hornman wrote:

Terry,
A salvage title is nowhere as scary as another situation we often see here in Texas : "no title, car will be sold on a bill of sale". Translation is"you better part this car out and get rid of anything with identifying marks before the law comes snooping around".

Exactly my point Ron!!  I've shared this story before but I have a friend who bought a 57 Chevy in Kentucky back in the 80s.  He decided to pro-street it complete with a narrowed 9 in Ford and an mean 402.  somewhere along the line after hundreds of hours of work and thousands of dollars he discovered that the title didn't match the VIN.  Long story short, Illinois State Police said if they couldn't find a solution the car would have to be crushed!!   I have another good friend that is a Illinois Secretary of State Police officer, his advice is if it doesn't have a CLEAR title leave it alone!!  Better than losing it to a stolen vehicle incident!!
 

Certain states do not issue titles for cars after they reach a certain age and transfer is by Bill of Sale only.  In my state, I believe the cutoff year is 1992- anything older than 1992 they won't issue a title. 

     The ad says assigned vin number, my guess is the title is good but there is so much cut off the car the vin number is missing. Probably be no different than buying one of those Dynacorn bodies and stamping a vin number on it from a legitimate title you would have.
     Now I don’t know how other states work, but in PA it use to be all the title work was done in Harrisburg at the DMV. Years ago, people started local carrier services. You would go to their office and do the paper work and they would travel to Harrisburg a few times a week to complete the paper work with the DMV. This was much quicker than mailing it in yourself. Today these local offices do it all over computer. That said, I know a guy (now mentioning any names) who bought a 66 coupe in NY with just a bill of sales. He was told they didn’t issue titles in NY before the 70’s. Took it to the local title service office on a trailer all in pieces with just a bill of sales and the vin # stamped on the car. Don’t know if it was fast talking or the lady figured no idiot would steel this pile of junk, but I (I mean he) got a title.
     I’m just saying if you know how to do the work that wouldn’t be a bad deal.