Yeah the bag is not original. So it's not a 'Commercial' - in fact, it may not even officially be a 'Royal.' The model plate does say 'Sweep Action,' it might actually be called that. Hopefully someone else will chime in on this, but I seem to recall that PA Geier didn't use the 'Royal' name until the 40s. Not sure. Same company, anyway.
As for value, I'll just go ahead and imitate everyone else around here: it's worth what someone is willing to pay for it.
You can look on ebay and see a bunch of contemporary vacuum cleaners in similar condition, and see them priced between $100-300 (including the average $40 shipping), but - and it's a big 'but' - they stay listed for ages because nobody wants to buy them at those prices.
I think realistically you could probably get $40 - $60 for it, assuming you find someone interested. Sadly, shipping within 48 states is usually gonna be over $40, so not much profit margin there. I'm assuming you're looking to sell. If I were you, I'd wait a week to see if anyone here inquires about it, and maybe in the mean time, post an ad on craigslist, see if you get any bites.