1934 Old Overholt Rye

A friend recently gave us two bottles of Old Overholt, sealed, with the unbroken seals marking them as made in 1934, bottled in 1948. She found them in the house following her mother's death, and insists they are ours to keep.
I drink and enjoy rye above all liquors I drink neat. Before even noticing their age, I opened one for a sip. The cork fell apart. The rye is clear, and tastes fine - stiff, not harsh. This is not today's Jim Beam Old Overholt.Then I looked harder. The label has Mr. Overholt's iconic image, the bottles is handsomely embossed. Across the top, Bottled in Bond. Below the image it says 4/5 Quart, 100 Proof. Interesting is that it gives it as manufactured in Large, Pa, USA. Looking around the web, I see most of the Overholts of roughly this vintage list Broad Ford, PA as the manufactory.

I don't know what to make of this. If I drink it casually am I wasting a treasure? That is, is this a notable whiskey? I'm a newbie, don't use forums anywhere, could not find how to simply attach an image from my computer, but I uploaded one image to a server and put the url there. I hope the picture is useful to someone who might comment on these two old bottles of rye, one still sealed. (Oops, just peeked. Way too big. Reduced the image size and re-uploaded.