I just thought I would add a little detail about Mr Bailey... He designed the first of this long line of essentially unchanged style of planes just before the turn of the century. I believe he got his patent in 1897. After the patent ran out Record, Sargent, Fulton, and too many others to name began making and selling the same style of planes perhaps with only very subtle changes. Any of these name brand planes made pre WWII were well made and machined as well as (or almost ) the top shelf planes available today.
I paid $7.50 for a #4 Fulton about a week ago and wow was it dirty. Took it completely apart cleaned it up, including very light filing on the machined surfaces where the frog rests on the body and the blade rests on the frog. Just a drop of 3in1 oil on the brass depth adjustment screw and about a 1/2 hour lapping the back of the blade + about another 1/2 hour to forty -five minutes bringing the then present convex bevel back to a nice 25 deg bevel and another fifteen minutes honing the chipbreaker. I could not have been more impressed with it's performance.
Less than a month ago purchased a low angle block plane (brand new for about $150) + another $30 or so for attachable rear tote and front knob + a 3/16" blade with a 45 degree bevel so that the plane can double as small #3 smoother. Yes it did out reform the Fulton $7.50 plane but only by a nose.
"Humility is a strange thing, once you think you have it, you have lost it"